WSSC successfully conducted two competitive bond sales on Tuesday, May 17, totaling approximately $181 million. The sale of tax-exempt debt was split into two components: a $145 million series of new money and a $36.4 million series refunding existing debt.
“The success of this sale is a significant illustration of the market’s continued confidence in WSSC’s strong financial position,” said Carla A. Reid, WSSC’s General Manager/CEO. “These bonds provide funding that is vital to our long-term efforts to improve our infrastructure and provide world class water and wastewater service to our customers.”
The $145 million Consolidated Public Improvement Bonds of 2016 received seven bids. The winning bidder, Wells Fargo Bank, NA, offered a 2.81 percent true interest costs. The proceeds from this sale will be used to fund the Commission’s capital improvement program, including the replacement and reconstruction of aging infrastructure.