Los Angeles Sells $1.54 Billion in Short-Term Notes

By Patrick Sullivan

The City of Los Angeles issued $1.54 billion in tax and revenue anticipation notes to cover cash-flow needs over the next fiscal year, including payments to the fire and police pension plan and the city employees' retirement system.

The notes, which come due on June 26, 2025, carry 5% interest with a 3.42% yield, according to a final offering statement posted Monday on MuniOS.

The notes will be payable from the taxes and income received by the city for its general fund.

Moody's Investors Service rated the notes MIG 1 and S&P put them at SP-1+.

Loop Capital, BofA Securities, Cabrera Capital and Jefferies were the underwriters for the offering.

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(END) Dow Jones Newswires

07-02-24 1238ET