Wednesday, July 30, 2014
PLACERVILLE, CALIFORNIA
99 CENTS

Bond refinancing reduces EID debt by $11.4M

By
From page A8 | March 14, 2014 |

During its March 10 meeting, the El Dorado Irrigation District Board of Directors received an update on the success of the district’s recent bond refinancing. EID Director of Finance Mark Price noted that the results of the Feb. 13 bond refinancing were outstanding.

“The results exceeded all of our expectations in reduction of debt as well as net present value savings,” he said.

The district reduced its outstanding debt as a result of this bond refinancing by $11.4 million and saw a present value savings of $17.2 million.

“EID’s track record in the capital markets has been stellar,” said Dave Houston, managing director and head of the water group at Citigroup Global Markets. “In the first 20 minutes, we generated more orders than we had bonds available.”

Prior to the transaction, EID staff met with both rating agencies, Moody’s Investors Service and Standard & Poor’s Ratings Services, to discuss the Preliminary Official Statement in preparation for the agencies to issue their ratings on the bonds. As a result, Moody’s issued an A1 rating with a stable outlook and Standard & Poor’s issued an A-plus with a stable outlook.

“These ratings show that EID is a safe and secure investment and this good news bodes well for the district,” said Houston.

“This is a tremendous savings for EID and our ratepayers — $17 million saved in refinancing the debt is huge,” said Board President Alan Day.

“We have a really solid financial plan,” said General Manager Jim Abercrombie. “You can see that in the market and in the savings to our ratepayers. Going forward we need to focus on the financial plan and make sure it is sound and continues to meet the debt service coverage.”

Comments

comments

Mary Lynn Carlton

.

News

 
District 2 candidate statements tell of goals

By Dawn Hodson | From Page: A1

Sand Fire nears containment: 66 structures destroyed

By Cole Mayer | From Page: A1 | Gallery

 
Schedule for Highway 50 blasting closures

By News Release | From Page: A3

Tails wagging over dog park approval

By Julie Samrick | From Page: A3

 
Quarter-acre fire in Kelsey

By Rebecca Murphy | From Page: A3

.

Opinion

My Turn: Privatization of public services

By Mark Belden | From Page: A4

 
Policy book

By Mountain Democrat | From Page: A4

 
.

Letters

Comments sign-in policy

By Letters to the Editor | From Page: A5, 1 Comment

 
Save the Guinea Worm

By Letters to the Editor | From Page: A5, 1 Comment

Large bangs

By Letters to the Editor | From Page: A5, 2 Comments

 
Private property gets no respect

By Letters to the Editor | From Page: A5

GDPUD management report

By Letters to the Editor | From Page: A5

 
District 2 supervisorial special election

By Letters to the Editor | From Page: A5

Piano replaced

By Letters to the Editor | From Page: A5

 
.

Sports

Ex-Bruin lends a helping hand

By Steven Shaff | From Page: A8 | Gallery

 
Sierra Sharks finish middle of the pack

By Democrat Staff | From Page: A8

Roundup: July 29, 2014

By Democrat Staff | From Page: A8

 
Taz pull through for SSL trophy

By Patty Pope | From Page: A8

.

Prospecting

Nuns discover a pleasant place

By Lexi Boeger | From Page: B1 | Gallery

 
At a glance: Game time

By Mimi Escabar | From Page: B2

Barbecue dinner to benefit Blue Star Moms

By Mount Aukum Winery | From Page: B2

 
Bargains can be found everywhere

By Democrat Staff | From Page: B2 | Gallery

Stagecoach story takes riders on a trip

By Wendy Schultz | From Page: B3

 
Help needed to make cool ties

By Sew 4 | From Page: B3

Stroke and osteoporosis screenings planned

By Life Line Screening | From Page: B3

 
Gold Rush Days activities cancelled this year

By Sacramento Convention And Visitors Center | From Page: B4

Master Food Preservers: Tomato time

By Monique Wilber | From Page: B4

 
Build an author platform at the Library

By El Dorado | From Page: B5

 
Sacramento area museums offer summer fun

By Sacramento Association Of Museums | From Page: B5

.

Essentials

Weather stats 7-29-14

By Michael Raffety | From Page: A2

 
Building permits 6/2-6/2014

By Michael Raffety | From Page: A2Comments are off for this post

Crime Log: July 17

By Cole Mayer | From Page: A2

 
.

Obituaries

Wallace Murrel Thomas

By Contributor | From Page: A2

 
Merlyn Wilbur Adams

By Contributor | From Page: A2

Lisa Oliver Rose

By Contributor | From Page: A2

 
.

Real Estate

.

Comics