LOS ANGELES -- The builders of a Carlsbad, Calif. seawater desalination plant pulled off a $734 million bond sale at a lower-than-anticipated interest rate in the midst of a massive sell-off in the bond market.

Officials said the historic deal was the first public-private bond financing of a desalination project in the U.S. and only the second large desalination project constructed in the country.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.