Welcome to DC Water's Investor Relations Homepage.
2012 Bond Issuance
DC Water successfully sold $440,645,000 in Subordinate Lien Revenue Bonds on March 14. The bonds were structured in threes Series: Series A was a fixed rate, new money totaling $177,430,000 for DC Water's Capital Improvement Program. Series C was a fixed-rate refunding of 2003 bonds totaling $163,215,000. DC Water also issued $100,000,000 in this transaction as SIFMA Index Variable Rate Debt. These Series B Bonds were structured with 3 and 4 year hard puts and priced at initial spreads of SIFMA plus 48 basis points and SIFMA plus 58 basis points, respectively.
The refunding of the 2003 bonds resulted in present value savings of $17.8 million or 9.7% of refunded par. Additionally, by fully refunding the entire 2003 Series, DC Water eliminates the expense associated with a letter of credit for the debt service reserve. This results in additional present value savings to the Authority.
The fixed and variable rate bonds were issued as a common plan of finance. Interest rate statistics for the aggregate transaction are not available at this time due to the variable nature of the Series B bonds. For the fixed rate portion of this transaction only, the cost of borrowing (including the cost of issuance and underwriting fees) was 3.687%.
Closing on the bond sale occurred on March 23, 2012.
What can you find in this section?
- Series 2012 Official Statement (PDF 2.4 mb)
- Series 2012 Investor Presentation (PDF 1.2 mb)
- Frequently Asked Questions
- Engineering Feasibility Report (PDF 200 kb)
- How To Buy DC Water Bonds
- Finance & Operations
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 Master Indenture (PDF 1.2 mb)
- Thirteenth Supplemental Indenture (PDF 7.2 mb)
- DC Water Debt Policy and Guidelines (PDF 892 kb)