SWS Oversees Momentous $350 million Texas Water Deal | Black Enterprise

texas waterIn one of its largest bond deals this year, Siebert Williams Shank & Co. L.L.C. (SWS) has successfully managed a $350 million tax-exempt bond issuance for the Texas Water Development Board.

The nation’s largest minority-and-women-owned financial firm, SWS said this week’s proceeds from the sale of the bonds will provide funds to the Clean Water State Revolving Fund and the Water State Revolving Fund programs. The federal-state partnerships support clean water infrastructure statewide.

The bond sale is momentous as it is the largest ever municipal bond transaction executed by a Minority and Women-owned Business Enterprise (M/WBE) firm for a Texas state agency, according to information reported by Thomson Reuters. And it was one of the largest tax-exempt, negotiated transactions brought to market by a Texas issuer since the COVID-19 related market disruption started in March.

The bonds, which received ratings of “AAA” by S&P Global Ratings and “AAA” by Fitch Ratings, were structured to generate and aggregate a $430 million project fund, with principal maturing serially (in years 2021-2040), and a 10-year call option at par, SWS reported.

A full case study on this deal can be found here.
Read the full Black Enterprise article here.

Written By Jeffrey McKinney
Black Enterprise
July 9, 2020