WSSC Sells $145 Million in AAA Rated Bonds

| News Release

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.

 

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