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.
For 100 years, WSSC has proudly served the citizens of Prince George’s and Montgomery counties – providing drinking water that has always met strict Safe Drinking Water Act standards and protecting the environment through vital water resource recovery services. Our vision is to be THE world-class water utility, where excellent products and services are always on tap.