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April 1, 2019, 11:22 am

MFABC Successfully Completes $170 Million Bond Offering

Municipal Finance Authority of BC
VICTORIA – The Municipal Finance Authority of British Columbia (“MFABC”) has successfully completed its first bond issue of the year, raising $170 million to support long-term capital projects throughout the Province. The proceeds of this transaction will be used to finance new capital spending across 16 regional districts, regional hospital districts and municipalities in BC.

“On the heels of a very successful Financial Forum and Annual General Meeting, MFABC was able to raise $170MM of new 10-year financing at a very attractive rate,” said Peter Urbanc, MFABC Chief Administrative Officer. “Our collective strength allows everyone, from our smallest rural communities to our largest metropolitan areas to grow and prosper, affordably.”

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 in BC. The Authority provides long and short-term financing, investment management, equipment financing and other financial services to communities and public institutions in BC.

(Submitted)

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