Long Beach USD, Calif., arranges $269.99 million offering of G.O. debt

By Sheri Kasprzak

New York, Jan. 26 – The Long Beach Unified School District of California is scheduled to price $269,996,568.75 of series 2015 general obligation bonds on Tuesday, according to a preliminary official statement and sales calendar.

The deal includes $180 million of election of 2008 series 2015D G.O. bonds and $89,996,568.75 of election of 2008 series 2015D-1 G.O. bonds.

The 2015D bonds will be sold competitively with Keygent LLC as the financial adviser. The 2015D-1 bonds will be sold on a negotiated basis with RBC Capital Markets LLC and Raymond James/Morgan Keegan as the senior managers.

The maturities have not been set.

Proceeds from the bonds (Aa2/AA-/) will be used to retrofit schools for earthquake safety/handicap accessibility; repair restrooms, plumbing, roofs and fire safety facilities; remove lead paint and asbestos; upgrade vocational classrooms, technology, energy efficiency; expand afterschool programs; reduce overcrowding by acquiring, repairing, constructing, equipping sites, facilities and joint-use buildings.

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