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PUC says recent water bond sales lower borrowing costs, projects $58 million savings over 30 years
Summary
Assistant GM and CFO Todd Reitstrom told the commission that competitive sales of $375 million in water revenue bonds produced a blended borrowing rate of about 4.54%, generating roughly $1.9 million a year in debt-service savings and an estimated $58 million over 30 years.
Todd Reitstrom, assistant general manager and chief financial officer for the San Francisco Public Utilities Commission, told commissioners on Sept. 8 that the PUC’s most recent competitive water bond sale drew strong investor demand and will lower the agency’s borrowing costs.
Reitstrom said the Sept. 1 competitive sale offered $375,000,000 of par-value bonds, with nine bidders registering and seven submitting active bids. He said the winning bid came from a JP…
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