LOS ANGELES — They didn’t plan it that way, but the decade of delay the builders of a seawater desalination plant experienced getting the Carlsbad, Calif. project off the ground landed them in one of the most receptive markets for high-yield municipal bonds in recent history.

The owners of Stamford, Conn.-based Poseidon Resources plan to price the debt through the California Pollution Control Financing Authority Dec. 20. The $781 million in tax-exempt bonds come with ratings of BBB-minus from Fitch Ratings and Baa3 from Moody’s Investors Service.

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