Modesto Irrigation, Calif., to sell $127.81 million revenue bonds

By Sheri Kasprzak

New York, July 11 - The Modesto Irrigation District of California plans to price $127.81 million of series 2011 electric system refunding revenue bonds, according to a preliminary official statement.

The offering includes $109.335 million of series 2011A bonds and $18.455 million of series 2011B taxable bonds.

The bonds will be sold through lead managers Citigroup Global Markets Inc. and Stone & Youngberg. The co-managers are Morgan Stanley & Co. Inc., Ramirez & Co. Inc. and Wells Fargo Securities LLC.

The 2011A bonds are due 2012 to 2024, and the 2011B bonds are due 2012 to 2017.

Proceeds will be used to refund the district's series 1999A-B, 2001A and 2003A capital appreciation certificates.

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