California Public Works Board to sell $423 million lease revenue bonds

By Sheri Kasprzak

New York, April 4 - The California State Public Works Board is set to price $423 million of series 2014 lease revenue bonds, according to a preliminary official statement.

The offering includes $265 million of series 2014B Judicial Council of California bonds for the New Stockton Courthouse and $158 million of series 2014C Department of Corrections and Rehabilitation bonds for the North Kern State Prison.

The bonds (A2/A-/A-) will be sold on a negotiated basis with Siebert Brandford Shank & Co. LLC and Stifel, Nicolaus & Co. as the joint senior managers. Lebenthal & Co. LLC was the co-senior manager. The co-managers are Alamo Capital; Barclays; BMO Capital Markets LLC; Cabrera Capital Markets LLC; Fidelity Capital Markets LLC; First Southwest Co.; Great Pacific Securities Inc.; J.P. Morgan Securities LLC; Mischler Financial Group; O'Connor & Co. Securities; RBC Capital Markets LLC; RH Investment Corp.; SL Hare Capital Inc.; and Wedbush Securities Inc.

The maturities have not been set.

Proceeds will be used to finance the construction and improvement of the courthouse and the prison.

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