Sacramento County, Calif., to sell $640.9 million revenue and refunding bonds in retail, institutional sales

By Cristal Cody

Springdale, Ark., April 11 - Sacramento County, Calif., plans to price $640.915 million airport system revenue and refunding bonds on April 17, the issuer said Friday.

A retail order period also will be offered on Wednesday, said Chris Marx, county debt officer.

The county intends to price $186.445 million series 2008A, $347.49 million series 2008B and $13.055 million taxable series 2008C airport system senior revenue bonds.

The county also plans to price $48.72 million series 2008D and $45.205 million series 2008E airport system subordinate and PFC revenue refunding bonds.

The bonds (Aaa/AAA/) are insured by Financial Security Assurance.

The series 2008A bonds have maturities from July 1, 2008 through July 1, 2028 with term bonds due 2032 and 2041.

The series 2008B bonds have maturities from July 1, 2008 through July 1, 2028 with term bonds due 2033 and 2039.

The series 2008C bonds are due July 1, 2012.

The series 2008D bonds have serial maturities from July 1, 2008 through July 1, 2026.

The series 2008E bonds have serial maturities from July 1, 2008 through July 1, 2024.

Morgan Stanley is the senior manager of the negotiated sale. Co-managers are Bear, Stearns & Co., Goldman, Sachs & Co., E.J. De La Rosa & Co. and UBS Securities LLC.

Proceeds will be used to finance capital improvements in the airport system, establish escrow funds to refund and defease outstanding revenue bonds and fund the senior debt service and subordinate debt service reserve funds.

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