TITLE

Baltimore's $69.3M Wastewater/Water Deal Will Include Interest Rate Swap

AUTHOR(S)
Newman, Emily
PUB. DATE
May 2003
SOURCE
Bond Buyer;5/23/2003, Vol. 344 Issue 31642, p4
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The negotiated sale includes 20.2 million in revenue bonds for water projects and 49.1 dollar in revenue bonds for wastewater projects, said Stanley Milesky, Baltimore's chief of treasury management. Both series of bonds have a final maturity date of June 30, 2033, and will be swapped after the sale to a fixed rate of 5.0825 percent with Morgan Stanley Capital Services Inc. The swap agreement expires on July 1, 2033, and is guaranteed by Morgan Stanley Dean Witter & Co. The issue would consist entirely of new money, Milesky said, and would be insured by Financial Guaranty Insurance Co. Morgan Stanley serves as underwriter for the water bond sale, with UBS PaineWebber Inc. as underwriter for the wastewater bonds. The agency also affirmed its outstanding A-plus rating on the city's 199.8 million dollar of senior lien water revenue bonds and 185.4 million dollar in senior lien wastewater revenue bonds, as well as the outstanding A rating on approximately 40.8 million dollar of subordinate lien water revenue bonds and 48.3 million dollar in subordinate lien wastewater revenue bonds.
ACCESSION #
9944918

 

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