New Issue: Eastern Municipal Water, Calif., prices $50 million of bonds due 2038

By Sheri Kasprzak

New York, July 18 - The Eastern Municipal Water District of California priced $50 million of series 2012A refunding water and sewer revenue bonds, according to an official statement.

The bonds (Aa2/VMIG 1/A-1+/AA+/F1+) were sold through Stone & Youngberg.

The bonds are due July 1, 2038, and bear interest at the index mode plus 2 basis points. The bonds feature a scheduled mandatory tender date of July 19, 2013, and an initial call protection date of Jan. 18, 2013.

Proceeds will be used to refund the district's series 2008F certificates of participation.

Issuer:	Eastern Municipal Water District, Calif.
Issue:	Series 2012A refunding water and sewer revenue bonds
Amount:	$50 million
Maturity:	July 1, 2038
Coupon:	Index mode plus 2 bps
Price:	100
Mandatory tender:	July 19, 2013
Initial call date:	Jan. 18, 2013
Type:	Negotiated
Underwriters:	Stone & Youngberg (lead)
Ratings:	Moody's: Aa2/VMIG 1
Standard & Poor's: A-1+
Fitch: AA+/F1+
Pricing date:	July 11
Settlement date:	July 19

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