East Bay Municipal Utility District
Wastewater System Revenue Refunding Bonds
Series 2015A-1, 2015A-2 and Series 2015B (Federally Taxable)
East Bay Municipal Utility District refunds $71 million
Siebert Brandford Shank successfully priced and sold this refunding and restructuring of bonds for EBMUD despite a declining bond market in February 2015.
The proceeds of the 2015A&B bonds were used to refund the outstanding Series 2007A bonds and restructure the District’s remaining synthetic fixed rate debt on its Wastewater credit; $16.385 million of SIFMA Floating Rate Notes were refunded with non-callable fixed rate bonds and the related swap was terminated with tax-exempt and taxable bond proceeds, as part of the District’s “de-risking” program.
The 2015A-1 Bonds generated more than $111 million of orders with certain maturities 2 times subscribed for, including $205,000 of orders from local individual retail accounts and a total of 14 different investors (approximately nine new investors of the District’s wastewater credit). The transaction provided over $7 million dollars in present value savings.