Sale brings total amount of Green Bonds issued by the Trust to over $1 billion
Deputy Director of Communications
W:(617) 367-9333 x614
The State Treasurer’s Office announced today that the Massachusetts Clean Water Trust (the Trust) has successfully completed the sale of approximately $191.6 million in new money Green Bonds, bringing the total amount of Green Bonds issued by the Trust to over $1 billion. The sale achieved a true interest cost of 2.505% with maturities ranging through 2020-2039.
The Series 22 Green Bonds (AAA/Aaa/AAA) sold to retail investors on October 16th with an institutional investor order period on October 17th. The sale saw strong retail participation, with 143 unique orders from retail investors. The sale also saw strong participation from Massachusetts investors, which comprised $45.9 million of the total $191.6 million sold.
The proceeds from the Green Bond sale and Trust program funds will finance $332.9 million in low interest loans to 48 different borrowers throughout the Commonwealth, including $52.5 million to the Massachusetts Water Resources Authority (MWRA) which serves 61 communities in and around the metro Boston area. These loans will go to fund projects that assist communities with adhering to the federal Clean Water and Safe Drinking Water Acts with the goal of protecting the environment and public health.
“This sale demonstrates the strong demand that exists for the Trust’s AAA bonds and the support for the important infrastructure projects that they finance,” said Treasurer Deborah Goldberg, Chair of the Trust. “I am proud of the work done by the Trust’s staff to get the lowest rates possible on these Green Bonds, which will provide funding for projects protecting drinking water and the environment across the state.”
Since its establishment in 1989, the Trust has loaned nearly $7.6 billion to improve and maintain the quality of water in the Commonwealth. An estimated 97 percent of Massachusetts' residents have benefited from the financial assistance of the Trust.