By Sheri Kasprzak
New York, Jan. 23 - The Washington Suburban Sanitary Commission in Maryland priced $100 million in variable-rate bond anticipation notes, according to a source familiar with the offering.
The initial coupon of the bonds (AAA/F1+) was set at 2.40% Wednesday, according to Tom Trabor with the commission's finance department.
The notes have a mandatory redemption in June 2023.
Lehman Brothers was the lead manager for $70 million of the BANs and Loop Capital for $30 million of the BANs.
Proceeds will be used for the commission's 30-year infrastructure program.
| Issuer: | Washington Suburban Sanitary Commission
|
| Issue: | Variable-rate bond anticipation notes
|
| Amount: | $100 million
|
| Redemption: | Mandatory redemption in June 2023
|
| Coupon: | Resets weekly/2.40% initial
|
| Price: | Par
|
| Underwriters: | Lehman Brothers (for $70 million)/Loop Capital (for $30 million)
|
| Ratings: | Fitch: AAA/F1+
|
| Pricing date: | Jan. 23
|
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