San Francisco Public Utilities plans repurchase of water bonds, new offering

By Mary-Katherine Stinson

Lexington, Ky., June 14 – The San Francisco Public Utilities Commission said Tuesday it could refund some or all of its outstanding water bonds issued for the Public Utilities Commission of the City and County of San Francisco through a tender offer, purchase and cancellation or by means of defeasance, according to a notice from the commission.

The bonds that could potentially be refunded are the:

• 2015 series A (refunding);

• 2016 sub-series A bonds (refunding);

• 2017 sub-series D bonds (refunding green bonds);

• 2019 sub-series A bonds (refunding, federally taxable, WSIP, green bonds);

• 2019 sub-series C bonds (refunding, federally taxable, local water main);

• 2020 sub-series E bonds (refunding, federally taxable, WSIP, green bonds); and the

• 2020 sub-series G bonds (refunding, federally taxable, local water).

Any such redemption would be funded concurrent with the issuance of new water revenue bonds. The commission is exploring a potential offering of up to $450,255,000, with pricing scheduled for as early as the week of July 10.

The proposed new bonds are expected to be sold in more than one series through an underwriting syndicate led by Jefferies LLC and Wells Fargo Bank, NA. The size of the transactions will be dependent on market conditions and bondholder participation.

Any proposed refunding transaction may price as early as the week of July 17.

The refunding transaction is expected to include green bonds.

The proposed transactions are expected to be considered at the public utilities’ governing body meeting on June 27.

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