California completed its sale of $1.8 billion in tax-exempt debt, dropping yields from preliminary levels as much as 0.05 percentage point after individual investors placed orders for more than half the offering.
California , whose power bonds received a credit-rating boost, plans to borrow $1.9 billion to refinance debt sold to purchase electricity for cash-strapped utilities during the state’s power crisis a decade ago.
California took orders yesterday from individual investors for $772 million, or 40 percent, of the $1.9 billion of debt the state is selling this week to refinance bonds issued during its energy crisis almost a decade ago.
California Governor Jerry Brown is ready to declare an end to an almost three-year drought that threatened the state’s $35 billion-a-year agriculture industry after a deluge of snow and rain filled reservoirs.
New Jersey issued $669 million in general-obligation refunding bonds at a higher yield above top-rated debt than on a comparable sale in December, a week after Moody’s Investors Service lowered its rating outlook.
Seattle City Light, the municipally owned electricity supplier for some 1 million people in Washington state, sold about $791.8 million of revenue bonds as tax-exempt yields fell for the first time in a week.