California Infrastructure and Economic Development Bank to convert $453.55 million Pacific Gas bonds

By Cristal Cody

Springdale, Ark., March 14 - The California Infrastructure and Economic Development Bank converted or plans to convert $453.55 million refunding revenue bonds from an auction rate to a weekly rate.

The bank converted $225 million of the Pacific Gas and Electric Co. refunding revenue series 2005 D, E, F and G bonds on Tuesday, Wednesday and Friday, according to a rate notice released to Prospect News.

The bank plans to convert $74.275 million series 2005A bonds on March 25; $74.275 million series 2005B bonds on April 1; and $80 million series 2005C bonds on April 8.

The series 2005 bonds are due in 2026.

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