Western Municipal Water District, Calif., to bring $103 million bonds

By Sheri Kasprzak

New York, April 29 - The Western Municipal Water District in California is set to sell $103 million in series 2009 water revenue and water revenue refunding bonds (//AA+/F1+) according to a preliminary official statement.

The sale includes $48 million in series 2009A adjustable-rate water revenue refunding bonds and $55 million in series 2009B water revenue bonds.

The offering is set to price the week of May 11, said a sellside source familiar with the offering.

Merrill Lynch & Co. Inc. is the senior manager for the negotiated deal.

The series 2009A bonds are due Oct. 1, 2032 and the 2009B bonds are due 2009 to 2029 with term bonds due 2034 and 2039.

Proceeds will be used to refund the district's outstanding refunding bond anticipation notes, as well as to finance the acquisition and construction of wastewater and water facilities.

The Western Municipal Water District is based in Riverside.

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