By Cristal Cody
Springdale, Ark., May 12 - The Sacramento Suburban Water District in California priced $75.25 million certificates of participation (COPs) with a 2.05% initial rate on Monday, the issuer told Prospect News.
The $37.625 million series 2008A1 and $37.625 million series 2008A2 refunding certificates (A1) priced with a weekly adjustable rate, said Dan Bills, director of finance.
The bonds have 20-year maturities.
The district also remarketed $41.275 million certificates on Monday. The series 2004 certificates of participation (A1) were converted from an auction rate to an initial 1.85% variable rate, Bills said.
Citigroup Global Markets is the senior underwriter.
Proceeds from the series 2008 certificates will be used to refund the district's outstanding series 2005A adjustable-rate revenue certificates.
| Issuer: | Sacramento Suburban Water District
|
| Issue: | Refunding certificates of participation
|
| Amount: | $75.25 million
|
| Type: | Negotiated
|
| Initial rate: | 2.05%
|
| Set: | Weekly
|
| Maturities: | 2008 to 2028
|
| Underwriter: | Citigroup Global Markets (lead)
|
| Ratings: | Moody's: A1
|
| Pricing date: | May 12
|
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