SOURCE: Los Angeles County Metropolitan Transit Authority

Los Angeles County Metropolitan Transit Authority

July 30, 2012 08:00 ET

Los Angeles County Metropolitan Transportation Authority Announces Modified Dutch Auction Tender Offer for Its Proposition A First Tier Senior Sales Tax Revenue Refunding Bonds, Series 2003-A and Series 2003-B

LOS ANGELES, CA--(Marketwire - Jul 30, 2012) - The Los Angeles County Metropolitan Transportation Authority ("LACMTA") is offering to purchase for cash, upon the terms and subject to the conditions set forth in the Invitation to Tender Bonds dated July 27, 2012 (the "Invitation"), and the related Questions and Answers dated July 27, 2012 (the "Questions and Answers") (collectively, the "Offer"), all of its outstanding Proposition A First Tier Senior Sales Tax Revenue Refunding Bonds, Series 2003-A maturing on and after July 1, 2014, and all of its outstanding Proposition A First Tier Senior Sales Tax Revenue Refunding Bonds, Series 2003-B (collectively the "Bonds").

Subject to the terms of the Offer, LACMTA will purchase the Bonds of each maturity and interest rate of each Series at separate purchase prices per $1,000 principal amount determined in accordance with a "Modified Dutch Auction" procedure, plus accrued and unpaid interest thereon to, but not including, the date that payment for such Bonds is made by LACMTA. The Offer will expire at 5:00 p.m. (New York City time), on August 17, 2012, unless extended (the "Expiration Date").

Tendered Bonds may be withdrawn at any time on or prior to 5:00 p.m., New York City time, on the Expiration Date.

LACMTA has retained Morgan Stanley & Co., LLC and E. J. De La Rosa & Co., Inc. to act as co-dealer managers for the Offer. Bondholder Communications Group is the Information and Tender Agent for the Offer. Institutional investors with questions about the Offer should contact Morgan Stanley at (310) 788-2096 or De La Rosa & Co. at (310) 207-1975. Individual investors and their brokers and account executives with questions about the Offer should contact Bondholder Communications Group at (888) 385-2663 (toll-free). Requests for documentation may be directed to Bondholder Communications Group at (888) 385-2663 (toll-free). Documents are also available on the Information and Tender Agent's website at: www.bondcom.com/lacmta.

This press release is for informational purposes only. This press release is not an offer to purchase or a solicitation of an offer to purchase with respect to any Bonds. The Offer is being made solely pursuant to the Invitation, the Questions and Answers and other related documents. The Offer is not being made to holders of Bonds in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. In any jurisdiction in which the securities laws or blue sky laws require the Offer to be made by a licensed broker or dealer, the Offer will be deemed to be made on behalf of LACMTA by the dealer manager, or one or more registered brokers or dealers that are licensed under the laws of such jurisdiction.

Forward-Looking Statements

This press release contains statements of a forward-looking nature that represent LACMTA's beliefs and assumptions concerning future events. Forward-looking statements involve risks, uncertainties, and assumptions, including the risk that the offers described above will not be completed or will be completed on terms other than those described, and are based on information currently available to LACMTA. Actual results may differ materially from those expressed in the forward-looking statements due to many factors. All forward-looking statements are expressly qualified by such cautionary statements, and LACMTA undertakes no obligation to update such forward-looking statements.