December 11, 2008
Top Rated Water Utilities Hire Saber Partners to Advise on $1.2 Billion Variable Rate Financing Program
(New York, New York, December 11, 2008) Three of the nation’s top rated utilities, the East Bay Municipal Utility District (EBMUD), AAA/Aa rated utility based in Oakland, California, the Metropolitan Water District of Southern California, AAA/Aa rated utility based in Los Angeles, California and the Irvine Ranch Water District, AAA/Aa rated utility based in Irvine, California announced that they have retained Saber Partners, LLC to assist in developing and implementing their variable rate financing strategy. Saber will advise the companies in developing the most efficient, lowest cost access to the capital markets, initially focusing on about $1.2 billion of the outstanding amount under the combined programs. Among their assignments, the firm will examine successful strategies from the corporate and international markets that could assist in addressing municipal market liquidity issues.
Gary Breaux, EBMUD’s Director of Finance, who will coordinate the process for the three utilities, said “Saber has a proven track record of successful innovation in structuring and marketing variable rate securities.”
“Saber’s team also has unique experience and achievements in both the financings and financial management of high-grade issuers of corporate and municipal debt. They will complement our existing team very well at this critical time” he said.
“The current market turmoil should be both an awakening and an opportunity for high-quality issuers to become more proactive,” said Joseph Fichera, Senior Managing Director and CEO of Saber Partners.
“EBMUD, Metropolitan Water and Irvine Ranch are top rated, extremely well-managed companies with exceptionally strong credit profiles. They should appeal to wide variety of investors worldwide, especially during a flight to quality. Saber Partners is honored to have this opportunity to serve these companies.”
In addition to Mr. Fichera, Saber’s team assigned to this project includes Brian Maher, the former Assistant Treasurer of ExxonMobil Corporation and head of their capital markets function as well as Paul Sutherland, a former finance executive from Florida Power & Light Company.
About Saber Partners
Saber Partners provides senior-level, strategic advice to both public and private sector entities. Clients have included ExxonMobil Corporation, the U.S. Securities and Exchange Commission, Ventas, Inc., the Governor of California and the Public Service Commissions of Florida, West Virginia, Texas and Wisconsin, Dormitory Authority of the State of New York among others. More information is located at www.saberpartners.com.