Los Angeles Unified School District to sell $1.6 billion bonds, BABs

By Sheri Kasprzak

New York, Sept. 24 - The Los Angeles Unified School District plans to price $1.6 billion in series 2009 general obligation bonds, according to a preliminary official statement.

The offering includes tax-exempt, federally taxable and taxable Build America Bonds, but the exact breakdown of those tranches was not immediately available.

Citigroup Global Markets Inc. is the sole bookrunner for the series 2009G federally taxable BABs. Citi and Goldman, Sachs & Co. are the joint bookrunners for the series 2009KRY tax-exempt bonds. The co-managers are Cabrera Capital Markets LLC, J.P. Morgan Securities Inc., Merrill Lynch & Co. Inc., Morgan Stanley & Co. Inc., Piper Jaffray & Co., Rice Financial Products Co., Siebert Brandford Shank& Co. LLC and Wedbush Morgan Securities Inc.

The maturities have not been determined.

Proceeds will be used to fund the improvement and expansion of classrooms, as well as to make improvements to the district's libraries, restrooms, laboratories, fire system, security system, lighting system and earthquake retrofitting.

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