Eastern Municipal Water District, Calif., to price $218.9 million COPs Tuesday

By Sheri Kasprzak

New York, July 25 - The Eastern Municipal Water District in California intends to sell $218.9 million in series 2008 water and sewer revenue and revenue refunding variable-rate certificates of participation, said a sellside source close to the sale.

"We're set to go on Tuesday," he said. "That could change with the way the market has been."

The bonds (Aa3/AA/AA) will be sold on a negotiated basis with Citigroup Global Markets as the senior manager for the series 2008D and 2008F certificates and Banc of America Securities LLC as the lead manager for the series 2008E and 2008G certificates.

The sale includes $54.785 million in series 2008D revenue refunding COPs, $64.115 million in series 2008E revenue refunding COPs, $50 million in series 2008F revenue COPs and $50 million in series 2008G revenue COPs.

The district also intends to price $120 million in series 2008H water and sewer revenue COPs (Aa3/AA/AA) on Aug. 14.

Those COPs will also be sold on a negotiated basis with Citigroup Global Markets as the lead manager, and the proceeds will be used for capital improvements.

Proceeds from the 2008D and 2008E COPs will be used to refund the district's series 1998A, 2003A and 2003B COPs. The remaining proceeds will be used for construction, acquisition and design related to capital improvements to the district's water and sewer system.

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