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District of Columbia Water and Sewer offers $300 million revenue bonds
By Sheri Kasprzak
New York, Oct. 8 - The District of Columbia Water and Sewer Authority is expected to bring to market $300 million in series 2010 public utility subordinate-lien revenue bonds, according to a preliminary official statement. Pricing is expected during the week of Oct. 18.
The sale will include series 2010A Build America Bonds and series 2010B tax-exempt bonds, but the exact breakdown was unavailable Friday.
The bonds (Aa3/AA-/AA-) will be sold on a negotiated basis with J.P. Morgan Securities LLC as the senior manager. The co-managers include Morgan Stanley & Co. Inc.; Siebert Brandford Shank & Co. LLC; Barclays Capital Corp.; Bank of America Merrill Lynch; Citigroup Global Markets Inc.; Goldman Sachs & Co.; M.R. Beal & Co. Inc.; Loop Capital Markets LLC; Morgan Keegan & Co. Inc.; and Stifel, Nicolaus & Co. Inc.
The 2010A bonds are due 2020 to 2025 with a term bond due 2044. The maturities for the 2010B bonds were unavailable.
Proceeds will be used to refinance outstanding commercial paper notes.
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