Austin, Texas, plans to price $220.02 million electric utility system refunding bonds Wednesday

By Sheri Kasprzak

New York, June 7 - The City of Austin in Texas is set to sell $220.02 million in series 2010 electric utility system revenue refunding bonds on Wednesday, according to a preliminary official statement and calendar.

The offering includes $118.82 million in series 2010A bonds and $101.2 million in series 2010B Build America Bonds.

The bonds (A1/A+/AA-) will be sold on a negotiated basis with Citigroup Global Markets Inc. The co-managers are Barclays Capital Inc.; Cabrera Capital Markets LLC; Morgan Keegan & Co. Inc.; Morgan Stanley & Co. Inc.; Rice Financial Products Co.; Siebert Brandford Shank & Co. LLC; and Southwest Securities Inc.

The maturities have not been set.

Proceeds will be used to refund the city's outstanding commercial paper notes, which were used to upgrade the city's electric utility system.

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