Press Release

On Tuesday September 10, 2024, the Office of the Chief Financial Officer, Office of Finance and Treasury, successfully priced its General Obligation Bonds, Series 2024ABC (the “Bonds”), which, to date, is the District’s largest ever bond transaction, totaling nearly $1.59 billion. The Bonds are rated Aaa / AA+ / AA+ by Moody’s, Standard & Poor’s, and Fitch, respectively.

The proceeds of the Bonds will be utilized to pay or reimburse the District for capital project expenditures under the District’s capital improvements plan, to purchase for cancellation certain outstanding bonds of the District pursuant to a tender offer for debt service savings, and to refund certain outstanding bonds of the District that were issued as Build America Bonds, as well as to pay the costs and expenses associated with issuing the Bonds.

The Bonds were issued with an aggregate, all-in true interest cost of 3.43%, and the refunding components of the transaction resulted in gross debt service savings of roughly $50.7 million.

 The syndicate for the issuance was led by Siebert Williams Shank & Co., LLC. Other members of the underwriting syndicate included Jefferies as co-senior manager, as well as Morgan Stanley, Ramirez & Co., Inc., Raymond James, Academy Securities, Inc., Huntington Capital Markets, and Mesirow Financial, Inc. as co-managers.