Foothill/Eastern Transportation Corridor, Calif., plans $2.26 billion

By Sheri Kasprzak

New York, Nov. 22 - The Foothill/Eastern Transportation Corridor of California is expected to price $2,259,586,376.20 of series 2013 toll road revenue refunding bonds, said a preliminary official statement.

The offering includes

• $1,354,075,000 of series 2013A current interest bonds;

• $173,797,848.45 of series 2013A convertible capital appreciation bonds;

• $155,318,527.75 of series 2013A capital appreciation bonds;

• $125 million of series 2013B-1 bonds;

• $125 million of series 2013B-2 bonds;

• $125 million of series 2013B-3 bonds; and

• $201,395,000 of series 2013C junior lien current interest bonds.

The bonds (Ba1/BBB-/BBB-) will be sold on a negotiated basis with Barclays and Goldman Sachs & Co. as the joint bookrunners. The co-managers are Citigroup Global Markets Inc., Wells Fargo Securities LLC, BofA Merrill Lynch, Jefferies & Co., Cabrera Capital Markets LLC, Morgan Stanley & Co. LLC, De La Rosa & Co. and Piper Jaffray & Co.

The maturities have not been set.

Proceeds will be used to refund the agency's series 1999 revenue bonds.

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