The Massachusetts Water Pollution Abatement Trust became the first state revolving fund in the country to sell its bonds through a combined offering of negotiated and competitive sale processes, according to Massachusetts Treasurer Steven Grossman’s office.
Massachusetts Water sold $371.4 million. The negotiated portion of the sale took place May 29 and 30. Retail investors purchased $81.3 million of bonds while institutional investors bought $173.2 million.
The $113.7 million competitive offering took place May 31, with Wells Fargo entering the lowest of nine bids with a true interest cost of 3.416%.