DC Water took full advantage of the volatile investment market last week to refinance a portion of the Authoritys debt portfolio. The Authority refunded $385 million in 2007, 2008 and 2009 public utility bonds. The deal was significantly over-subscribed, with more than $850 million of orders, enabling the Authority to lower yields two to five basis points, and saving DC Water ratepayers over $55 million in present value debt service savings.

“This outcome is due to the astute investment of ratepayer funding to build a high performing enterprise,” said DC Water CEO and General Manager George S. Hawkins. “Our large capital improvement program guided by a strong management team translates into investor confidence and direct savings back to our ratepayers.”

DC Water Chief Financial Officer Mark Kim added, “Today was truly a great day for DC Water and its ratepayers, and a reaffirmation of investor confidence in our credit and our ability to access the capital markets.”

Loop Capital Markets served as the Authoritys book-running senior manager. Public Financial Management and G-Entry Principle served as Co-Financial Advisors, and Squire Patton Boggs and Leftwich & Ludaway served as Co-Bond and Co-Disclosure Counsel. The bonds were rated Aa3 by Moody’s, AA by Standard & Poor’s and AA-by Fitch. DC Water’s recent bond offerings included the first century bond for a water/wastewater enterprise and the first utility bond certified as green by a third party.

For more information about DC Water’s bond offerings, please visit the Investor Relations portion of our website: dcwater.com/investor.