City of Winston-Salem 2020 W&S

The City of Winston-Salem is the fourth largest city in the State of North Carolina. Its financial strength, strong governance and administration, and diverse economy provide for the basis for the City’s AAA general obligation ratings by S&P, Moody’s and Fitch.

$192,425,000
City of Winston-Salem (North Carolina)
Water and Sewer Revenue Refunding Bonds, Series 2020A and 2020B

Wye River Group Served as Independent Financial Advisor to the City of Winston-Salem for this Transaction which closed on March 25, 2020.

Project Overview

Wye River Group has served as financial advisor to the City in connection with all of its financings, planning and debt implementation needs since 2014. To date, we have assisted the City in implementing 13 transactions including public offerings and direct purchase transactions of both tax-exempt and taxable obligations totaling more than $885 million.

Financing Overview

The City’s Water and Sewer Revenue Refunding Bonds provided for the refunding of certain maturities of the following outstanding bonds: Series 2010B, Series 2010C, Series 2014A, Series 2015ABC.  The bonds were structured as AAA/Aaa/AAA rated, tax-exempt and taxable municipal bonds sold via negotiated, public offering on March 5, 2020. Through a competitive solicitation process conducted by our firm, the City selected R.W. Baird to serve as the senior managing underwriter for the bonds, which are amortized over 20 years.  The interest rates on the bonds are fixed for the term of the financing and resulted in a combined True Interest Cost of 1.596%. The financing closed on March 25, 2020.

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