Los Angeles USD, Calif., plans to sell $1.23 billion G.O. bonds

By Sheri Kasprzak

New York, Feb. 22 – The Los Angeles Unified School District of California is on tap to price $1,225,000,000 of series 2016 general obligation bonds, according to a preliminary official statement.

The offering includes $650 million of election of 2008 series 2016A G.O. bonds and $575 million of series 2016 G.O. refunding bonds.

The bonds (Aa2//AAA) will be sold on a negotiated basis with Citigroup Global Markets Inc. and Wells Fargo Securities LLC as the senior managers. The co-managers are J.P. Morgan Securities LLC, Alamo Capital Inc., Fidelity Capital Markets Inc., Hutchinson Shockey Erley & Co. and Loop Capital Markets LLC.

The maturities have not been set.

Proceeds will be used to finance school construction projects and refund existing debt.

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