By Cristal Cody
Springdale, Ark., June 17 - Eastern Municipal Water District in Riverside County, Calif., on Tuesday priced $54.62 million water and sewer revenue refunding certificates of participation with a 1.55% initial rate, the issuer told Prospect News.
The series 2008C variable-rate certificates priced with a weekly interest rate, said Chuck Rathbone, chief financial officer.
The certificates (Aa3/AA/AA) are due July 1, 2020.
Citigroup Global Markets managed the negotiated sale.
Proceeds will be used to refund the series 1993B COPs.
| Issuer: | Eastern Municipal Water District (Riverside County, Calif.)
|
| Issue: | Water and sewer revenue refunding certificates of participation
|
| Amount: | $54.62 million
|
| Type: | Negotiated
|
| Initial rate: | 1.55%
|
| Resets: | Weekly
|
| Maturity: | July 1, 2020
|
| Underwriter: | Citigroup Global Markets
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AA
|
| Fitch: AA
|
| Pricing date: | June 17
|
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