GLWA executes money-saving $413 million bond sale
DETROIT – The Great Lakes Water Authority (GLWA) has gone to market this week, pricing a $413 million bond sale, which includes $331.5 million for refunding of outstanding GLWA debt and approximately $81.6 million par amount in new bonds, generating $91 million in funds for Detroit local sewer system improvements.
As a result of the favorable interest rates on the bonds, GLWA will realize a net cash flow savings of approximately $85 million over the life of the refinanced bonds. Closing of the sale is expected in the first week of October.
“The market response to our bond sale, underscored by the positive actions taken recently by all three ratings agencies, further strengthens our ability to deliver on our promise to be the provider of choice for water and sewer services in southeast Michigan,” said Sue F. McCormick, Chief Executive Officer for GLWA. “I am confident that our ongoing focus on reliability, redundancy and resiliency will add to this momentum.”