The Macon Water Authority

790 Second Street • Macon, GA 31202-0108 • (478) 464-5600

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Bond Refinancing to Save $3 Million

Oct 28, 2019 by Chris Wood, Ph.D.

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During its October Meeting, the MWA Board of Directors passed a Bond Resolution to provide for the issuance of Water and Sewer Refunding Revenue Bonds.

The Series 2020 Bond (Refunding) Issue is for a principal amount of $30,495,000, which will provide funds to finance – in whole or in part – the cost of currently refunding and redeeming the Authority’s outstanding (1) Water and Sewer Revenue Bonds, Series 2010-B, (2) Water and Sewer Revenue Bonds, Series 2011-A, and (3) Water and Sewer Revenue Bonds, Series 2011-B.

This forward refunding will provide the MWA with a significant savings in the interest and principal currently due on these three previous bond issues. The total savings is estimated at $3.6 million, or $3.26 million in present value savings. After accounting for issuance costs, which were minimal compared to other bond issues because of current conditions that included bond ratings not being needed, the savings from this Bond Issue reached nearly $3 million.

“The (indicators to facilitate such a reissuance) were three times what’s considered the minimum standard,” says David Lucas, bond underwriter with Stifel, Nicolaus & Company.

Media contact:
Chris Wood, Ph.D.
P: 770-757-1681
E: chris@jwapr.com OR john.wood@gcsu.edu

Tagged: mwa, macon water authority, mwa bond issue, mwa bond refinancing

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