Published on 6/3/2015 in the Prospect News Municipals Daily.
New Issue: Eastern Municipal Water, Calif., brings $74.43 million refunding bonds
By Sheri Kasprzak
New York, June 3 – The Eastern Municipal Water District Financing Authority of California sold $74.43 million of series 2015B water and wastewater revenue refunding bonds, according to a pricing sheet.
The bonds (Aa3/AA-/AA) were sold through senior manager BofA Merrill Lynch.
The bonds are due in 2040, 2042 and 2046. The 2040 bonds have a 5% coupon priced at 111.525 to yield 3.62% and the 2042 bonds have a 4% coupon price at 98.373 to yield 4.1%. The 2046 bonds have a 5% coupon priced at 110.903 to yield 3.69%.
Proceeds will be used to finance capital improvements, including well development, improvements to distribution facilities and other projects, as well as to refund existing debt.
| Issuer: | Eastern Municipal Water District Financing Authority, Calif.
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| Issue: | Series 2015B water and wastewater revenue refunding bonds
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| Amount: | $74.43 million
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| Type: | Negotiated
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| Underwriters: | BofA Merrill Lynch (lead), Citigroup Global Markets Inc. and Stifel, Nicolaus & Co. Inc. (co-managers)
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| Ratings: | Moody’s: Aa3
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| Standard & Poor’s: AA-
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| Fitch: AA
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| Pricing date: | June 3
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| Settlement date: | June 18
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| Amount | Maturity | Type | Coupon | Price | Yield
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| $16,095,000 | 2040 | Term | 5% | 111.525 | 3.62%
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| $17.63 million | 2042 | Term | 4% | 98.373 | 4.10%
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| $40,705,000 | 2046 | Term | 5% | 110.903 | 3.69%
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