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DISTRICT OF COLUMBIA WATER AND SEWER AUTHORITY
RECENT BOND ISSUANCES
$350 MILLION GREEN CENTURY BONDS
SERIES 2014A � FEDERALLY TAXABLE, SENIOR LIEN
$100 MILLION TAX-EXEMPT SUBORDINATE LIEN VARIABLE RATE MULTIMODAL REVENUE BONDS
DC Water issued $350 million in taxable, green century bonds July 10, 2014. The 100 year final maturity represents the first municipal century bond issued by a water/wastewater utility in the United States. It also represents DC Water�s inaugural green bond issue and the first �certified� green bond in the US debt capital markets with an independent second party sustainability opinion. Favorable market conditions and strong investor demand enabled DC Water to upsize the transaction by $50 million from an initial offering size of $300 million. The century bonds were offered at an interest rate of 4.814% with a final maturity of 2114.
The proceeds from these bonds will be used to finance a portion of the construction and development of the tunnel systems associated with the DC Clean Rivers Project (See Clean Rivers Project). The final maturity of the bonds will be October 1, 2114 (100 years). The underwriters of this issuance were Goldman, Sachs & Co. and Barclays.
These senior lien bonds are rated by Moody�s Investor�s Service (Aa2), Standard & Poor�s (AA+) and Fitch Ratings (AA).
DC Water also issued $100 million of tax-exempt, subordinate lien, variable-rate demand bonds on July 22, 2014, bringing the total sale to $450 million. The underwriters for the variable-rate bonds were BofA/ Merrill Lynch and Loop Capital Markets.
The subordinate lien bonds are rated by Moody�s Investor�s Service (Aa3), Standard & Poor�s (AA) and Fitch Ratings (AA-).
What can you find in this section?
- Series 2014A Offering Memorandum (PDF 4.4 mb)
- Series 2014B Official Statement (PDF 1.9 mb)
- 2014A Fifteenth Supplement (PDF 576 kb)
- 2014B Sixteenth Supplemental (PDF 2.3 mb)
- DC Water Master Indenture (PDF 1.2 mb)
- Independent Registered Municipal Advisor Letter (PDF 85 kb)
- Frequently Asked Questions
- Engineering Feasibility Report 2013 (PDF 5.7 mb)
- How To Buy DC Water Bonds
Municipal Securities Rulemaking Board
To protect investors, municipal entities and the public interest by promoting a fair and efficient municipal market, regulating firms that engage in municipal securities and advisory activities, and promoting market transparency.
- DC Water Debt Policy and Guidelines (PDF 406 kb)