Ohio Authority Looks to Sell $400 Million in Green Bonds

By Stephen Nakrosis

The Ohio Water Development Authority plans to offer $400 million in green bonds for its loan fund and a still-to-be-determined amount of revenue refunding bonds.

The authority will sell Water Pollution Control Loan Fund Revenue Bonds Series 2024 A, which are designated as green bonds and refunding debt Series 2024 E, according to documents posted Tuesday on MuniOS.

Pricing is scheduled for Oct. 1 and closing on Oct. 15.

The Series D bonds will mature from 2029 through 2044, and the refunding debt will start coming due in 2029, according to the preliminary official statement. Final maturity on a term bond expected to be a part of the refunding series has yet to be determined.

The proceeds from the $400 million offering will go to the authority's water pollution control loan fund, which is administered within the Ohio Environmental Protection Agency, and provides assistance through construction, brownfields, and other types of loans and grants.

Proceeds from the Series E sale will be used to refund already existing debt.

The bonds are limited obligations of the authority, and are payable out of certain revenue and security interests, according to the offering document.

Created in 1968, the authority provides funding for the construction of public water and wastewater infrastructure projects around the state. It also jointly administers the federally authorized and bond-funded Wastewater and Drinking Water revolving loan programs.

The authority has applied for ratings from Moody's Investors Service and S&P Global Ratings.

RBC Capital Markets and BofA Securities are lead managers on the offering.

Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

September 24, 2024 19:36 ET (23:36 GMT)

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