LOS ANGELES — California is planning to sell an estimated $2 billion of general obligation bonds on Oct. 22, according to Tom Dresslar, spokesman for State Treasurer Bill Lockyer.
The deal will be priced by joint senior managers JPMorgan and Citi. De La Rosa & Co., Inc. is co-senior manager.
There will be a one-day retail order period on Oct. 21, followed by institutional orders and pricing the next day, Dresslar said.
The bonds will include new money and refunding debt, but the allocation amounts have yet to be determined.
The Treasurer's office recently announced that California will issue $12.5 billion of bonds through fiscal year 2014-15, with $7.3 billion in issuance during this fiscal year. The remaining $5.2 billion will be issued during the next fiscal year.
Approximately $9.9 billion of the total $12.5 billion will consist of voter-approved general obligation bonds that will finance public works projects. The remainder will be lease revenue bonds authorized by the legislature.