California Infrastructure's Orange County bonds have mandatory tender

By Melissa Kory

Cleveland, June 7 - The California Infrastructure and Economic Development Bank said its $90 million series 2008B and $90 million of series 2008A Orange County Performing Arts Center variable-rate demand revenue bonds are subject to a mandatory tender on June 23.

The series 2008B bonds' mandatory tender is the result of the expiration of the bonds' existing credit facility issued by Wells Fargo Bank, NA on July 2 and the non-delivery of an alternate credit facility.

The mandatory tender for $72.335 million of the series 2008A bonds is the result of the substitution of the bonds' existing letter of credit by Bank of America, NA with a new letter of credit on June 23.

The remaining $12.5 million of series 2008A bonds will be subject to a mandatory tender on June 23 as a result of the expiration of the initial credit facility and the non-delivery of an alternate credit facility. The initial credit facility expires on July 2.

Union Bank, NA is the trustee.

California's general purpose financing authority is based in Sacramento.

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