By Cristal Cody
Springdale, Ark., March 25 - The Metropolitan Water District of Southern California priced $501.5 million water revenue refunding bonds (Aa2/AAA/AA+) with a 1.85% initial rate, a source told Prospect News.
The interest rate for the $250.9 million series 2008A-1 and $250.6 million series 2008A-2 bonds will reset weekly.
Bank of America managed the series A-1 bonds, and Citibank managed the series A-2 bonds.
Proceeds will be used to refund the district's outstanding auction-rate bonds.
| Issuer: | Metropolitan Water District of Southern California
|
| Issue: | Water revenue refunding bonds
|
| Amount: | $501.5 million
|
| Underwriters: | Bank of America (2008A-1), Citibank (2008A-2)
|
| Initial rate: | 1.85%
|
| Reset mode: | Weekly
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AAA
|
| Fitch: AA+
|
| Pricing date: | March 24
|
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