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California Gets Orders for 25% of $939.8 Million Bonds

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March 22 (Bloomberg) -- California, the most indebted U.S. state, plans to wrap up a $939.8 million bond sale today after selling 25 percent of the securities to finance prison hospital and court construction, according to the Treasurer’s office.

Individual investors ordered $238.8 million of the lease-revenue bonds issued by the State Public Works Board yesterday, the first day of the sale, according to the statement from Treasurer Bill Lockyer.

Preliminary yields quoted to prospective buyers included 1.11 percent for a two-year maturity; 2.22 percent for a five-year security; 3.83 percent for one coming due in 10 years, and 4.72 percent for a 20-year bond, according to the statement.

Sales to individuals will continue today, when the offering will conclude after institutions are given a chance to place orders. Final prices will be set after the sale has ended.

To contact the reporter on this story: Michael B. Marois in Sacramento at mmarois@bloomberg.net

To contact the editor responsible for this story: Mark Tannenbaum at mtannen@bloomberg.net

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