Orange County Local Transportation, Calif., prepares $348.9 million offering of revenue bonds

By Sheri Kasprzak

New York, Nov. 30 - The Orange County Local Transportation Authority in California is expected to price $348.9 million of series 2010 Measure M2 sales tax revenue bonds, according to a preliminary official statement.

The offering includes $298.365 million of series 2010A Build America Bonds and $50.535 million of series 2010B tax-exempt bonds.

Bank of America Merrill Lynch is the senior manager. The co-managers include Barclays Capital Inc.; Goldman Sachs & Co.; J.P. Morgan Securities LLC; Citigroup Global Markets Inc.; De La Rosa & Co. Inc.; Jefferies & Co.; Loop Capital Markets LLC; Morgan Stanley & Co. Inc.; RBC Capital Markets Corp.; Siebert Brandford Shank & Co. LLC; and Stone & Youngberg.

The maturities have not been set.

Proceeds will be used to finance capital improvements and retire existing commercial paper.

Based in Orange, Calif., the authority maintains streets and highways in Orange County.

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