SAN FRANCISCO - (Business Wire) Stone & Youngberg, a leading financial services firm, today announced that it has completed a complex municipal water utilities financing for the South Central Connecticut Regional Water Authority (RWA). The financing is representative of the firm
’s growing presence in the Northeast and involved both corporate and municipal partners. RWA serves a combined total of more than 200,000 water customers who will share in cost savings expected as a result of the transaction.
“Stone & Youngberg’s longstanding expertise in municipal finance enabled us to help RWA bring together three water utilities to structure a very complex merger transaction that will benefit all parties and should result in long-term cost savings to water customers throughout the State of Connecticut,” said John Muus, a Managing Director in Stone & Youngberg’s Public Finance Group.
The financing was an innovative three-party transaction involving South Central Connecticut RWA, a tax-exempt regional water authority, and two separate publicly owned and regulated corporate water utilities—Connecticut Water Company and BIW, Ltd. The acquisition was financed by RWA through the issuance of $152 million in tax-exempt municipal securities. The deal allowed RWA and Connecticut Water Company to purchase BIW, Ltd., expanding RWA’s customer base by approximately 10% while acquiring the resources of an entire water system at a net cost reduction to its customers.
“Stone & Youngberg’s depth of knowledge and experience made this complex transaction run very smoothly,” said David Silverstone, president and CEO of the South Central Connecticut Regional Water Authority. “It allowed the Regional Water Authority to expand our core capabilities and our geographic presence.”
Stone & Youngberg is one of the oldest private investment banks operating on Wall Street. The firm is a national leader in municipal bond underwriting: in 2007 Stone & Youngberg led or co-managed the sale of 214 municipal bond issues totaling $4.7 billion1. Stone & Youngberg has offices in San Francisco, Los Angeles, San Diego, and Big Bear Lake, CA, and in New York, Chicago, Phoenix, Richmond, VA, and Annapolis, MD. The firm offers underwriting, advisory, and investment services across the country to state and local governments, non-profit organizations, and institutional and private investor clients.
“We are committed to bringing our nationally renowned expertise in municipal finance to the Northeast region in order to better serve the area’s municipal clients and customers,” said Ken Williams, president and CEO of Stone & Youngberg.
For more information on Stone & Youngberg, visit www.syllc.com.
About Stone & Youngberg: Stone & Youngberg Holdings LLC is a financial services company providing a range of products and services through three subsidiary businesses. Stone & Youngberg LLC, founded in 1931 and member FINRA/SIPC, specializes in the origination and sale of fixed-income securities. The firm led or co-managed the sale of 214 municipal bond issues totaling $4.7 billion in 2007.¹ In addition to bond underwriting and sales, Stone & Youngberg provides investment services to individuals, institutions, and government agencies and offers a wide variety of tax-exempt and taxable securities. S&Y Asset Management LLC is Stone & Youngberg’s wealth management company and develops investment portfolios and products tailored to affluent individuals. S&Y Capital Group LLC is a private real estate investment, development, and consulting company.
Stone & Youngberg is headquartered in San Francisco with offices in Los Angeles, San Diego, New York, Chicago, Phoenix, Richmond, VA, Annapolis, MD, and Big Bear Lake, CA. Additional information is available at www.syllc.com or by calling 800-447-8663.
¹ Source: Thomson Financial 2008.
Stone & Youngberg LLC
Steve Hall, 415-445-2656
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Kimberley Pierce, 510-326-0058
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