Los Angeles County MTA offers to buy some 2003 Proposition A bonds

By Angela McDaniels

Tacoma, Wash., July 30 - The Los Angeles County Metropolitan Transportation Authority of California began a tender offer for its series 2003A Proposition A first-tier senior sales tax revenue refunding bonds maturing on and after July 1, 2014 and all of its outstanding series 2003B Proposition A first-tier senior sales tax revenue refunding bonds, according to a news release from the authority.

The purchase price for each maturity and interest rate of each series will be determined through a modified Dutch auction procedure. Holders will also receive accrued interest up to but excluding the payment date.

The offer will expire at 5 p.m. ET on Aug. 17.

The dealer managers are Morgan Stanley & Co., LLC (310 788-2096) and E.J. De La Rosa & Co., Inc. (310 207-1975). The information and tender agent is Bondholder Communications Group (888 385-2663, 888 385-2663 or www.bondcom.com/lacmta).

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