East Bay, Calif., 2008A, B, C water system bonds have mandatory tender

By Marisa Wong

Madison, Wis., Dec. 13 - The East Bay Municipal Utility District of California gave notice that its water system subordinated revenue refunding bonds, series 2008A-1, 2008A-2, 2008A-3, 2008A-4, 2008B-3 and 2008C, are subject to a mandatory tender for purchase on Jan. 12.

To be purchased at par plus accrued interest up to the purchase date are the following bonds:

• $98.02 million 2008A-1 bonds due June 1, 2038;

• $73.51 million of 2008A-2 bonds due June 1, 2038;

• $73.51 million of 2008A-3 bonds due June 1, 2038;

• $73.51 million of 2008A-4 bonds due June 1, 2038;

• $59.125 million of 2008B-3 bonds due June 1, 2026; and

• $58.61 million of 2008C bonds due June 1, 2027.

The water system bonds are subject to mandatory purchase because of a liquidity facility substitution. The existing liquidity facility for the 2008B-3 bonds is scheduled to terminate on April 22, 2011, and the existing liquidity facilities for the other series of bonds will terminate on March 18, 2011. An alternate liquidity facility will be substituted for each existing facility on Jan. 12.

The 2008A bonds were issued under facilities provided by Dexia Credit Local, New York Branch. An alternate facility provided by Royal Bank of Canada will be substituted for the existing facility of the 2008A-1 bonds. An alternate facility by Barclays Bank plc will replace the existing facilities for the 2008A-2 and 2008A-3 bonds, and a facility provided by Bank of America, NA will replace the existing facility for the 2008A-4 bonds. The existing facility with Landesbank Baden-Wuerttemburg, New York Branch, for the 2008B-3 bonds will be replaced with a facility by JPMorgan Chase Bank, NA. The existing Dexia Credit Local facility for the 2008C bonds will be replaced with a Bank of America facility.

The Bank of New York Mellon Trust Co., NA is the trustee.

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