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California State Treasurer Fiona Ma announced the competitive sale of $248 million in California Department of Water Resources (DWR) Water System Revenue Bonds to refinance certain State Water Project capital improvements and refund previously issued debt.
The State Water Project is a statewide complex system of dams, water storage facilities, aqueducts, pumping stations and electric generation facilities that have been constructed by DWR to deliver water and protect against flooding. The entire aqueduct system totals 705 miles and supplies water to 29 local water agencies, serving 69% of California’s population.
The State Treasurer’s Office, as agent for sale, received 12 bids from broker-dealers, with Jefferies LLC submitting the winning bid at a true interest cost of 2.89 percent. Bonds have been reoffered to investors at yields from 2.21 percent to 3.04 percent. The bonds are rated Aa1 by Moody’s Investors Service and AAA by S&P Global Ratings.
The calendar of all upcoming state bond sales is available at BuyCaliforniaBonds.com
