California DWR Paid Out Nearly $78 Million in Fees for Record Power Deal

Finestone, Deborah
May 2003
Bond Buyer;5/1/2003, Vol. 344 Issue 31626, p6
Trade Publication
Professional firms earned 77.63 million dollars in commissions and fees for working on 2003's record 11.26 billion dollar power purchase revenue bond deal sold by the California Department of Water Resources (DWR), according to a released data. Compensation for underwriters totaled 50.533 million dollars, with senior manager J.P. Morgan Securities Inc. taking in 23.54 million dollars on all five series, which were sold in October and November, 2002. Co-senior manager Lehman Brothers Inc. made 10.1 million dollars on the transaction, according to information released by state Treasurer Phil Angelides' office. The DWR issued the bonds to repay loans from the state general fund and private banks made in early 2001 to purchase power for customers of California's three investor-owned utilities, which lacked the financial strength to do so after wholesale power costs increased.


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