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DWP to Sell Up to $1.1 Billion in Bonds

June 27, 2003|From Bloomberg News

The Los Angeles Department of Water and Power, the largest municipally owned power utility in the U.S., plans to sell as much as $1.1 billion in bonds next month to pay off higher-cost debt.

The governing board of the utility has approved the sale, the utility said in a statement.

Bond proceeds and other available cash would be used to refinance existing electric plant refunding revenue bonds that were sold in 1993, the utility's statement said. The 1993 bonds targeted by the refinancing would be called on the first available optional redemption date, the utility said.

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