Bond Refinancing Saves Nearly $18M
In January, the Water Authority secured nearly $18 million in savings on future debt payments for the region’s water ratepayers by refinancing bonds used to build a major pipeline connected to the Claude “Bud” Lewis Carlsbad Desalination Plant that was completed in 2015. Savings achieved in January topped earlier projections of $13.6 million through June 2046 on a net present-value basis due to strong demand for the $185 million issuance. Forty-five investors made orders for the bonds that totaled nearly $2 billion.
“Not only does the desalination project continue to provide the San Diego region with reliable, high-quality water supplies, but our strong public-private partnership with Poseidon Water is paying off for ratepayers. High demand for our bonds indicates widespread confidence in the desal project partners and the project’s financial foundation.”
Water Authority Board of Directors