February 2019
Polsinelli attorneys recently represented the San Diego County Water Authority in the sale of $183,155,000 in refunding bonds for the Claude “Bud” Lewis Carlsbad Desalination Project Pipeline. The Carlsbad Desalination Plant represents a P3, public-private partnership, between the Water Authority and an affiliate of Poseidon Water, and is the largest commercial desalination plant in the U.S.  During this issuance, the firm acted as both Special Counsel and Disclosure Counsel to the Water Authority. The transaction generated very strong investor interest, receiving nearly $2 billion in orders, and achieved net present value savings for ratepayers of approximately $18 million. 

The bonds were issued by the California Pollution Control Financing Authority. The finance team also included J.P. Morgan Securities LLC as senior manager, RBC Capital Markets as co-senior manager, and Goldman Sachs and Loop Capital as co-managers.