WSSC Sells $145 Million in AAA Rated Bonds
OFFICE OF COMMUNICATIONS AND COMMUNITY RELATIONS
FOR IMMEDIATE RELEASE
Laurel – November 13, 2015: The Washington Suburban Sanitary Commission (WSSC) competitively sold $145.3 million of Consolidated Public Improvement Refunding Bonds on November 10, 2015 to Bank of America Merrill Lynch. The bonds were issued at an average interest rate of 2.17%.
The Refunding Bonds were issued to refinance five of WSSC’s outstanding bond issues. The refunding will save WSSC approximately $12.8 million with most of the savings occurring in fiscal years 2017 through 2019. This represents a net present value savings of 8.2%, well above WSSC’s refunding threshold of 2%.
The bonds were rated AAA by all three Bond Rating Agencies: Fitch Ratings, Moody’s Investors Service and Standard & Poor’s, which also reaffirmed WSSC’s AAA rating on its other outstanding bonds.
WSSC Water is the proud provider of safe, seamless and satisfying water services, making the essential possible every day for our neighbors in Montgomery and Prince George’s counties. We work to deliver our best because it’s what our customers expect and deserve.