San Antonio Water System: Refinancing Bonds Will Save Taxpayers $ 41 Million | Business

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SAN ANTONIO – (BUSINESS WIRE) – January 6, 2022–

San Antonio Water System has taken advantage of the current low interest rate environment to refinance outstanding debt to save money. Today, SAWS has refinanced over $ 100 million of its water system revenue obligations, saving taxpayers over $ 41 million over the next 21 years.

The savings came from bonds originally issued in 2012 to fund SAWS capital improvements.

“Our bond offering has received a resounding reception in the market and has provided our clients with significant savings. It was a great way to start the new year, ”said Doug Evanson, senior vice president and chief financial officer of SAWS.

Buyers consider: a strong credit rating; its stability; confidence of its City Council; and its ability to increase its income.

Refinancing bonds are part of the utility’s ongoing efforts to minimize costs and ensure fiscal stability. Much like refinancing a mortgage, this effort allows SAWS to earn a lower interest rate and therefore lower interest payments on its outstanding debt.

San Antonio Water System provides water and sanitation services to over 1.8 million customers in the San Antonio area and continues to set the standard for water service and conservation within our industry. SAWS is the national leader in water innovation with the country’s largest direct recycle water system, a state-of-the-art desalination plant and the world’s largest storage and recovery facility. aquifers based on the country’s groundwater. For more information, visit www.saws.org.

See the source version on businesswire.com: https://www.businesswire.com/news/home/202220106005920/en/

CONTACT: Anne Hayden

Office: [email protected]

KEYWORD: UNITED STATES NORTH AMERICA TEXAS

INDUSTRY KEYWORD: FINANCING OF CONSTRUCTION AND PROPERTY URBAN PLANNING PUBLIC POLICY / GOVERNMENT PROFESSIONAL SERVICES OTHER NATURAL RESOURCES STATE / LOCAL OTHER CONSTRUCTION AND PROPERTY NATURAL RESOURCES

SOURCE: San Antonio Water Supply System

Copyright Business Wire 2022.

PUB: 01/06/2022 4:30 PM / DISC: 01/06/2022 4:32 PM

http://www.businesswire.com/news/home/20220106005920/en

Copyright Business Wire 2022.


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