By Cristal Cody
Springdale, Ark., April 22 - The Kern County Water Agency in California priced $121 million of bonds with 3% to 5% coupons on Tuesday, the issuer told Prospect News.
The series 2008A and B water revenue certificates of participation (A1/A/) are due 2009 to 2028 with term bonds due 2033 and 2038.
The yields and true interest cost were not finalized before press time. Additional pricing details should be available on Thursday, said Don Leonard, controller.
Citigroup Global Markets managed the negotiated sale. Co-managers are Wells Fargo Institutional Securities, UBS Investment Bank and Merrill Lynch.
Proceeds will be used to expand the agency's water purification plant and related facilities.
| Issuer: | Kern County Water Agency (California)
|
| Issue: | Water revenue certificates of participation
|
| Amount: | $121 million
|
| Type: | Negotiated
|
| Coupons: | 3% to 5%
|
| Maturities: | 2009 to 2028, term bonds due 2033 and 2038
|
| Underwriter: | Citigroup Global Markets (lead)
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: A
|
| Pricing date: | April 22
|
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