Connecticut Water Agency's First Swap Follows Record Issue

Piazza, Johanna
May 2003
Bond Buyer;5/6/2003, Vol. 344 Issue 31629, p36
Trade Publication
The South Central Connecticut Regional Water Authority is entering into its first interest rate swap contract, giving the authority its variable-rate exposure, which, after the sale, will comprise nearly 25 percent of the issuer's outstanding debt. The water authority, a nonprofit water supply and distribution system, serving 12 cities and towns in the New Haven area, will price 80.3 million dollar of Series 18B variable-rate water revenue demand bonds on May 6, 2003. The deal will refund a portion of the Series 11 bonds, equaling approximately 204 million dollars that was issued in 1993. The swap rates will be based on The Bond Market Association municipal swap index, according to Kathleen Etkin, the water authority's vice president for finance and administration.


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