California's State Public Works Board releases additional details on $62.895 million lease revenue bonds

By Sheri Kasprzak

New York, April 2 - The State Public Works Board of the State of California released more information on its $62.895 million offering of series 2008 lease revenue bonds Wednesday.

The bonds (A2/A/A), which are set to price April 15, include $27.14 million in series 2008D bonds, $20.885 million in series 2008E bonds, $10.865 million in series 2008F bonds and $4.005 million in series 2008G bonds, according to a preliminary official statement.

The bonds will be sold on a negotiated basis through lead manager UBS Securities. The co-managers are Backstrom McCarley Berry & Co., Cabrera Capital Markets, City National Securities, Jackson Securities, Merrill Lynch and Piper Jaffray.

The series 2008D bonds are due from 2009 to 2028 with a term bond due 2033. The series 2008E bonds are due from 2009 to 2028 with a term bond due 2033, and the 2008F bonds are due from 2009 to 2028 with a term bond due 2033. The series 2008G bonds are due 2009 to 2028 with a term bond due 2033.

The proceeds from the sale will be used for the construction of education projects, as well as for additional improvements to education projects in the state.

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