Seattle’s $81M Waste Sale

Following an upgrade from Standard & Poor’s, Seattle priced $81 million of solid waste revenue and refunding bonds in a competitive sale yesterday. Raymond James & Associates Inc. won the auction, bidding a true interest cost of 4.5061%. Last week, Standard & Poor’s upgraded its rating for Seattle Public Utilities’ solid waste revenue debt to AA-minus from A-plus. Moody’s Investors Service also affirmed its Aa3 rating before the transaction.“In raising their ratings of our solid waste revenue bonds, Standard & Poor’s once again cited the strength of our local economy and strong management at SPU,” Mayor Greg Nickels said in a statement. “This higher bond rating will mean better terms in the bond market and lower interest rates for the utilities’ rate payers. It’s strong validation of our financial management plan for the city’s utilities.”Seattle-Northwest Securities Corp. was financial adviser. Foster Pepper PLLC was bond counsel.