Kern County Water Agency, Calif., plans $118.745 million sale of water revenue COPs

By Sheri Kasprzak

New York, April 15 - The Kern County Water Agency of California said it will sell $118.745 million in series 2008 water revenue certificates of participation (COPs), a preliminary official statement said.

The sale includes $82.23 million in series 2008A bonds and $36.515 million in series 2008B bonds (A1/A/), both of which will be sold for the agency's Improvement District No. 4.

The pricing date has not been set.

Citigroup Global Markets is the lead manager for the negotiated sale. The co-managers are Wells Fargo Institutional Securities, UBS Investment Bank and Merrill Lynch & Co.

Proceeds will be used for the expansion of a water purification plant and related facilities.

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