Municipal Improvement Corp. of Los Angeles to sell $109.06 million bonds

By Sheri Kasprzak

New York, April 8 - The Municipal Improvement Corp. of Los Angeles plans to sell $109.06 million in series 2009 lease revenue bonds during the week of April 13, according to a preliminary official statement.

The sale includes $56.83 million in series 2009A capital improvement bonds (A2/AA-/AA-) and $52.23 million in series 2009B real property bonds (A1/AA-/AA-).

The bonds will be sold on a negotiated basis with Citigroup Global Markets Inc. as the senior manager for the series 2009A bonds and Siebert Brandford Shank & Co. LLC as the senior manager for the series 2009B bonds. Estrada Hinojosa & Co. is the co-manager for both bonds.

The 2009A bonds are due 2010 to 2019 and the 2009B bonds are due 2010 to 2023 with term bonds due 2028 and 2039.

The proceeds will be used to repay commercial paper notes, and to pay for both capital improvements and real property.

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