A nonprofit publication of the Kentucky Center for Public Service Journalism

Ross, Sinclaire & Associates advises SD1 on issuance of $99m refunding bond issue, saves $23m

Sanitation District No. 1 (SD1) ratepayers will save $23 million through the refinancing of a series of bond issues in a transaction structured by Ross, Sinclaire & Associates, LLC (RSA).

Cincinnati-based RSA served as the municipal advisor to SD1 on the refinancing of its outstanding Series 2009A, 2010A and 2010C Build America Bonds, which totaled $99,490,000. The Series 2019 bond, rated Aa2 by Moody’s Investors Services (“Moody’s”) and AA by Standard and Poor’s Financial Services, were sold competitively Aug. 14 at a true interest cost of 2.379% and a final maturity of 2040.

The bonds were issued after Moody’s upgraded SD1’s outstanding debt to Aa2 from Aa3.

“This is another example of how RSA works closely with government and public service agencies to help manage their finances and save ratepayers money,” said RSA Vice President Dwight Salsbury, who worked on the transaction with fellow RSA Municipal Advisor Bryan Skinner.

SD1 is responsible for the collection and treatment of wastewater and also serves as the regional stormwater management agency for over 106,000 wastewater customers and over 97,000 stormwater customers in Boone, Campbell and Kenton counties in Northern Kentucky.

SD1 Executive Director Adam Chaney said RSA is a tremendous partner, providing sound advice, expertise and financial management that is saving ratepayers millions of dollars.

“We have worked internally and with Ross Sinclaire & Associates to develop a strategic financial plan to meet the District’s obligations and ensure long-term affordability for our ratepayers,” Chaney said. “I’m pleased that the rating agencies have taken notice of the progress made over the last several years and helped provide yet another opportunity for SD1 to save ratepayer dollars.”

Ross, Sinclaire & Associates, LLC (RSA), is a full-service investment banking, securities brokerage, and asset management firm dedicated to providing long-term superior results. Along with our Cincinnati headquarters, RSA has offices in Ohio, Kentucky, California, Indiana, Pennsylvania, and Tennessee. RSA specializes in multiple disciplines within investment banking and financial services, including Municipal Finance, Corporate Finance and Institutional Sales and Trading. RSA is registered with the U.S. Securities & Exchange Commission (SEC) and a member of FINRA, the MSRB and SIPC. 

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