Eastern Water District, Calif., delays $138.51 million sale to Tuesday

By Sheri Kasprzak

New York, Aug. 14 - The Eastern Municipal Water District of California has put off selling $138.51 million in series 2008H water and sewer revenue certificates of participation (Aa3/AA/AA), said Chuck Rathbone, the district's chief financial officer.

The district has been in talks with the underwriters about what is in the market currently and "it was recommended to change" the sale date. The bonds will now price Tuesday.

Rathbone said there were no major market concerns about the sale.

Citigroup Global Markets is the lead manager for the deal with Banc of America Securities LLC as the co-manager.

Proceeds will be used to finance capital improvements to the water and sewer system, as well as to fund a debt service reserve fund.

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