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SFPUC reports $424.8 million water-bond sale, lower-than-expected borrowing cost
Summary
The San Francisco Public Utilities Commission said a competitive sale of water revenue bonds produced $424.8 million in proceeds and a true interest cost of about 4.818%, which staff said would reduce projected borrowing costs and save roughly $17 million over 30 years for ratepayers.
Todd Reitstrom, chief financial officer of the San Francisco Public Utilities Commission, told commissioners the authority’s competitive water revenue bond sale yielded total proceeds of $424,800,000, above the originally authorized par amount of $375,000,000. "The total proceeds realized would be $424,800,000," Reitstrom said, and the winning bidder, Barclays Capital with a syndicate of…
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