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MFABC Successfully Completes Dual Tranche Issuance: $170 Million 10.5-Year Bond & $410 Million 5-Year Bond OfferingsMunicipal Finance Authority of BC
VICTORIA – The Municipal Finance Authority of British Columbia (“MFABC”) has successfully completed its first bond issuances of the year, raising $580 million to support long-term capital projects throughout the Province. The proceeds of this transaction will be used to refinance new loans for ten years and existing loans for an additional five-year period.
“We are extremely pleased with the breadth of investor demand for the MFABC name that is a testament to the sound fiscal management practices of BC’s local governments”, said Graham Egan, Finance Director at MFABC.
MFABC is among a short list of organizations worldwide which have been assigned a AAA/Aaa/AAA credit rating from Standard & Poor’s Investor Services, Moody’s Investor Services and Fitch Ratings, respectively. This is the highest achievable credit rating, allowing MFABC to access capital markets at a low cost, and to pass those savings on to local governments throughout the Province.
MFABC was created in 1970 to contribute to the financial well-being of local governments throughout BC. The Authority provides long and short-term financing, investment management, equipment financing and other financial services to communities and public institutions in BC.