San Diego Refinances While Awaiting Treated Seawater
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San Diego County Water Authority sold $299.1 million in refunding debt as the California agency builds the Western Hemisphere’s largest water-desalination plant.
Rates on the Feb. 13 deal ranged from 1.13 percent on securities maturing in 2019, five basis points above a top-rated benchmark, to 3.43 percent on those due in 2033, 88 basis points over a benchmark. The final maturity, 2034, was priced to yield 2.86 percent, a spread of 25 basis points, according to data compiled by Bloomberg. A basis point is 0.01 percentage point.