Washington Suburban Sanitary Commission CPI Bonds of 2020 2nd Series

Established in 1918, the Washington Suburban Sanitary Commission (WSSC) is currently among the largest water and wastewater utilities in the nation, with a network of nearly 5,768 miles of fresh water pipeline and over 5,578 miles of sewer pipeline. The WSSC service area spans nearly 1,000 square miles in Prince George’s and Montgomery counties, Maryland, and serves 1.8 million residents through approximately 475,000 customer accounts.

Wye River Group has served as financial advisor to WSSC in connection with all of its financings, planning and debt implementation needs since 2016. To date, we have assisted in implementing seven competitive public offerings of new money and refunding issues totaling more than $1.5 billion.

$325,895,000
Washington Suburban Sanitary District (Maryland)
Consolidated Public Improvement Bonds of 2020
Consolidated Public Improvement Bonds of 2020 (2nd Series) (Green Bonds)

Wye River Group Served as WSSC’s Independent Financial Advisor for this Transaction which closed on September 23, 2020.

Project Overview

The Bonds will provide funding for (i) the construction or reconstruction of water supply facilities, water supply lines and transmission mains, sewage disposal facilities, sewer collection mains and trunk sewers, and the acquisition of land or equipment for, or the construction, remodeling, enlargement, or replacement of any office or operating building necessary to administer or operate the water and sewer systems in the District, and (ii) certain projects designated as “Green Projects” and (iii) the payment of costs of issuance related to the Bonds.

Financing Overview

The CPI Bonds of 2020 received AAA/Aaa/AAA credit ratings. S&P also conducted an independent green bond assessment of the Green Bonds and assigned an overall score of E1/84.  Both series of bonds were structured as tax-exempt municipal bonds and sold via competitive, public offering on September 9, 2020. The interest rates on the bonds are fixed for the term of the financing and resulted in a combined True Interest Cost of 1.94%. The financing closed on September 23, 2020.

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