The Bond Buyer has designated as its “2014 Deal of the Year: Northeast Region” an innovative bond issuance by the District of Columbia Water and Sewer Authority (DC Water) on which Squire Patton Boggs served as co-bond counsel and co-disclosure counsel with Leftwich & Ludaway, LLC.

DC Water sold its US$350,000,000 of green century bonds in July 2014.The transaction was the first issuance of municipal century bonds (i.e., bonds that have a maturity of 100 years) by a water/wastewater utility in the US, and the first issuance of green bonds in the US municipal market with an independent, second-party sustainability opinion supporting the green designation. The century bonds were sold as taxable, senior lien, fixed-rate bonds with an interest rate of 4.81% and will reach their final maturity in October 2114.

Proceeds from the century bonds will finance a portion of the construction and development of the DC Clean Rivers Project, a massive US$2.6 billion initiative to construct a tunnel drainage system that will transport combined storm water and sewage to DC Water’s Blue Plains Advanced Wastewater Treatment Plant, preventing excess sewage and rainwater from seeping into surrounding waterways.

The Squire Patton Boggs team advising DC Water was led by David S. Goodman and Ryan K. Callender.

Winners will be honored on December 4, 2014, at a reception at the Waldorf-Astoria in Manhattan. The winner of the prestigious Bond Buyer “2014 Deal of the Year” Award will be chosen from the winners in each of the eight categories and announced at the event.