San Diego County Water Authority to price up to $625 million water revenue COPs

By Cristal Cody

Springdale, Ark., April 28 - The San Diego County Water Authority intends to price up to $625 million water revenue certificates of participation (COPs), the issuer said Monday.

The authority has set an initial sale amount at $579.636 million for the series 2008A certificates.

The sale will take place Thursday or next week, depending on market conditions, said Eric Sandler, the authority's treasurer.

The certificates (Aa3/AA+/AA) have serial maturities from 2009 through 2028 and term bonds due 2033 and 2038.

Goldman, Sachs & Co. is the senior manager of the negotiated sale. Co-managers are Citigroup Global Markets, Banc of America Securities LLC, Lehman Brothers and Merrill Lynch & Co.

The proceeds will finance the authority's capital improvement program and refund $63.165 million series 1997A water revenue COPs.

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