Washington Suburban Sanitary Commission

Washington Suburban Sanitary Commission
Consolidated Public Improvement Bonds
Wye River Group Served as WSSC’s Independent Financial Advisor for this Transaction.

Project Overview

Wye River Group served as WSSC’s independent financial advisor and escrow bidding agent in connection with the current refunding of its outstanding consolidated public improvement refunding bonds of 2009.

Financing Overview

WSSC’s financing was structured as tax-exempt, fixed rate bonds with a 10-year final maturity. They were rated AAA by all three major credit rating agencies and were sold competitively through a public offering in the municipal bond market.  WSSC received a total of 12 bids for the bonds and awarded the financing to Morgan Stanley at a TIC bid of 1.739%. Competitive bids were also solicited for the U.S. Treasury securities that were purchased and deposited into the refunding escrow until the refunded bonds were redeemed.  As a result of the refunding, WSSC was able to realize net present value debt service savings of $2.92 million, or 6.81% of the refunded bond principal amount.  The financing closed successfully in March 2019.