California State Public Works Board to bring $434.43 million; Pinellas health facility deal ahead

By Aaron Hochman-Zimmerman and Sheri Kasprzak

New York, April 3 - The week in municipals ended slightly weaker as a new crop of offerings was established for the coming week.

"We're feeling a little off today," said a trader reached late Friday.

"Volume, weird enough, was pretty good. We were seeing small amounts of lots of different bonds."

Among the upcoming sales for the week is a $434.43 million offering of series 2009 lease revenue bonds (A3/A-/A-) from the California State Public Works Board, said a preliminary official statement.

The sale includes $181.69 million in series 2009A Department of General Services bonds, $107.88 million in series 2009B Department of Education bonds, $90.515 million in series 2009C Department of Development Services bonds and $54.345 million in series 2009D Trustees of California State University bonds.

The bonds (A3/A-/A-) will be sold on a negotiated basis with Ramirez & Co. Inc. as the senior manager.

The 2009A, 2009B, 2009C and 2009D bonds are due 2010 to 2029. Each series has a term bond due 2034.

Proceeds will be used to construct improvement projects at the various departments for which the bonds were issued.

Pinellas County Health

Elsewhere in upcoming sales, the Pinellas County Health Facility Authority in Florida plans to issue $200 million series 2009A health-care system revenue bonds on behalf of Baycare Health Systems, according to a preliminary offering sheet.

Merrill Lynch & Co. will act as underwriter for the $75 million and $50 million series 2009A-1 and 2009A-3 issues.

Raymond James & Associates will act as underwriter for the $75 million series 2009A-2 bonds.

Each tranche will mature on Nov. 1, 2038.

The series 2009A-1 bonds will have a daily interest rate. The remaining tranches will have rates set weekly.

Proceeds will be used to refund outstanding debt.

The Pinellas County Health Facility Authority is located in Clearwater, Fla.

Johnson County schools

Johnson County Unified School District No. 233 in Kansas plans to issue $152.835 million general obligation refunding bonds over three tranches, according to an upcoming sales calendar.

The $95 million series 2009A bonds will carry maturities from 2014 to 2029.

The $22.45 million series 2009B bonds will carry maturities from 2010 to 2018.

The $35.385 million series 2009C bonds will carry maturities from 2010 to 2016.

Springsted Inc. will act as financial adviser for the competitive auction to be held May 7.

The school district is located in Olathe, Kan.

Kentucky Turnpike Authority

Also coming up, the Turnpike Authority of Kentucky plans to sell $153.15 million series 2009A economic development road revenue bonds, said a preliminary official statement.

The bonds (Aa3/AA+/AA-) will be sold on a negotiated basis with Goldman, Sachs & Co. as the senior manager.

The bonds are due 2011 to 2029.

Proceeds will be used to pay a portion of costs related to public highway projects and refund the authority's existing series 2007 bonds.

In other upcoming sales, the Maine Health and Higher Educational Facilities Authority is expected to sell $117.94 million in series 2009 revenue bonds (Aa2) for Bowdoin College of Brunswick, Maine, said a preliminary official statement.

The negotiated sale will be brought by Barclays Capital Corp.

The deal includes $99.015 million in series 2009A term bonds, which are due 2039, and $18.925 million in series 2009B term bonds, which are also due 2039.

Proceeds will be used to finance capital projects and refinance the college's 1995B, 1998A and 1998C bonds.

Taulatin Hills prices

Earlier in the week, the Tualatin Hills Park & Recreation District in Beaverton, Ore., priced $58.5 million in series 2009 G.O. bonds (Aa2/AA/), according to a district press release.

The bonds priced Thursday.

BMO Capital Markets won the auction over seven other bidders with an offer of a 4.19% true interest cost.

Seattle-Northwest Securities Corp acted as financial adviser.

The bonds carry maturities from 2010 to 2029.

Proceeds will be used for capital construction costs.

Secondary feels weaker

As the week ended, municipals secondary gave up some slight gains from early in the week, said a trader reached in the afternoon. Volume remained fairly strong, the trader said, especially on the short end.

"Mostly stuff on the short end is what's being traded today," he said.

In specific trades, the Virginia Resources Authority's series B pooled loan program bonds were in action. The 4.375% 2009s were seen at 2.386%.

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