Managing Debt Issuance
Large public sector capital projects are generally funded with the issuance of municipal bonds or notes. Many of our clients issue debt infrequently and therefore have little need to permanently staff a debt management function. Some of our clients issue frequently but value our judgments none the less. GEP have managed and advised on the issuance of billions of dollars of these securities for a wide variety of issuers and project types. Call on our experience and know-how to achieve your financing goals.
GEP served as a co-financial advisor to the District of Columbia Water and Sewer Authority on its $440 million bond issue for new-money and refunding purposes. The bonds were issued in March 2012 under DC Water's Subordinated Lien structure and included $100 million that were issued as SIFMA Multimodal bonds. GEP was involved in all aspects of the transaction but focused particularly on the development of the rating agency message and its execution. We are pleased to report that DC Water received an upgrade in its rating from Standard & Poor's to AA+ (on its Subordinated Bonds). Most importantly to DC Water, the 3.6% average interest rate on the borrowing is the lowest rate it has ever received.
Our services at a glance:
- Recommending the ideal financing structure
- Developing the appropriate rating agency strategy
- Review of all necessary financing documents
- Bond pricing support and analysis