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SFPUC power enterprise completes first bond sale; $32M designated green bonds
Summary
Interim CFO Charles Pearl reported the power enterprise's first bond sale, just under $40 million, with average maturity of 19 years and an average interest cost of 3.95%; $32 million of the issue was designated as green bonds, attracting socially responsible investors.
Interim CFO Charles Pearl briefed commissioners on the power enterprise's inaugural bond issuance.
Pearl said the sale, for just under $40,000,000, was oversubscribed by roughly 40 percent and had an average maturity of about 19 years and an average interest cost of about 3.95 percent. "Thirty-two million of this amount was designated or designated as green bonds, and this was the first green bond issuance for the City of San Francisco," Pearl said, noting investor interest from Breckenridge Capital and others seeking environmentally and socially responsible funds.
He said the sale was successful and that the power enterprise expects to return periodically to the market. The commission thanked staff and the debt management team for the work on the transaction.
