By Sheri Kasprzak
New York, Aug. 19 - The Eastern Municipal Water District in California priced $140.035 million in series 2008H water and sewer revenue certificates of participation on Tuesday, said a sellside source.
The certificates (Aa3/AA/AA) were sold through lead manager Citigroup Global markets and co-manager Banc of America Securities LLC.
The bonds are due 2024 to 2032 with term bonds due 2033, 2034 and 2035.
The serials have 5% coupons with yields from 4.67% to 5.11%. The 2033 bonds have a 5% coupon to yield 5.11%; the 2034 bonds have a 5% coupon to yield 5.13%; and the 2035 bonds have a 5% coupon to yield 5.13%.
Proceeds will be used for capital improvements to the district's water and sewer system, as well as for a deposit to a debt service reserve fund.
| Issuer: | Eastern Municipal Water District
|
| Issue: | Series 2008H water and sewer revenue certificates of participation
|
| Amount: | $140.035 million
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets (lead); Banc of America Securities LLC (co-manager)
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AA
|
| Fitch: AA
|
| Pricing date: | Aug. 19
|
|
|
| Maturity | Type | Coupon | Yield
|
| 2024 | Serial | 5% | 4.67%
|
| 2025 | Serial | 5% | 4.72%
|
| 2026 | Serial | 5% | 4.77%
|
| 2027 | Serial | 5% | 4.83%
|
| 2028 | Serial | 5% | 4.89%
|
| 2029 | Serial | 5% | 5.11%
|
| 2030 | Serial | 5% | 5.11%
|
| 2031 | Serial | 5% | 5.11%
|
| 2032 | Serial | 5% | 5.11%
|
| 2033 | Term | 5% | 5.11%
|
| 2034 | Term | 5% | 5.13%
|
| 2035 | Term | 5% | 5.13%
|
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