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EBMUD SAVES $60.5 MILLION ON LOW-INTEREST BONDS

 OAKLAND, Calif., July 26 /PRNewswire/ -- The East Bay Municipal Utility District (EBMUD) said today that it has saved $60.5 million in interest costs by refinancing nine series of higher coupon bonds over the past 12 months.
 In the fifth and final transaction in the past year, EBMUD refinanced a portion of its 1986 and all of its 1991 water resources bonds at an interest rate of 5.37 percent by issuing $222 million of new bonds. The latest bond sale saved the district $28.3 million in future interest payments.
 "This completes a year-long difficult project that resulted in significant savings for the district's ratepayers," said Rich Digre, director of finance.
 The five bond issues total $599,670,000 and represent a cumulative effort of district staff, advisors and bond underwriters to lower the district's borrowing costs.
 Morgan Stanley & Co. and Charles A. Bell Securities Corp. were lead underwriters, with Bear Stearns & Co. Inc. and Merrill Lynch Co. as co-underwriters. Brown & Wood and Hunter & Anderson were bond counsels on the transaction, with O'Brien Partners Inc. and Artemis Capital Group Inc. serving as financial advisors.
 -0- 7/26/93
 /CONTACT: Gayle Montgomery of EBMUD, 510-287-0141, or home, 510-689-2327/


CO: East Bay Municipal Utility District ST: California IN: SU:

GT-TB -- SF010 -- 5946 07/26/93 18:21 EDT
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Publication:PR Newswire
Date:Jul 26, 1993
Words:217
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