Imperial Irrigation District, Calif., to price $250 million COPs

By Sheri Kasprzak

New York, July 7 - The Imperial Irrigation District of California is set to price $250 million in series 2010B Build America Bonds electric system revenue certificates of participation, according to a preliminary official statement.

The COPs (A1/AA-/) will be sold on a negotiated basis with Citigroup Global Markets Inc. and Goldman, Sachs & Co. as the senior managers. The co-managers are Barclays Capital Inc. and De La Rosa & Co.

The certificates are due 2018 to 2040.

Proceeds will be used to finance the El Centro Unit 3 Repower Project, which will provide an additional 100 megawatts of generation capacity to the El Centro Generating Station.

The district, based in Imperial, Calif., is a community-owned utility that provides electric power and irrigation services to the Imperial Valley.

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