FOR IMMEDIATE RELEASE
December 9, 2021
MARTA’S FIRST GREEN BONDS SAVE AUTHORITY
Refunding of Bonds Generates Significant Savings
- The Metropolitan Atlanta Rapid Transit Authority (MARTA) Board of Directors
today approved a resolution to refund $369.6 million of its Series 2014A and
2015A bonds, saving the Authority approximately $62 million ($47.3 million in
present value) over the life of the bonds and reducing MARTA’s debt expense by
approximately $2.6 million per year.
new Series 2021D and 2021E taxable bonds are certified as Green Bonds by
Kestrel, an independent verifier, confirming that the financed projects advance
MARTA’s goals to reduce harmful greenhouse gas emissions and provide access to
has been monitoring the market and putting pieces in place for the last several
months to execute this refunding. “I am pleased to announce that MARTA has
successfully executed a refinancing of its Series 2014A and 2015A bonds
resulting in the savings of approximately $62 million in debt service,” said
MARTA General Manager and CEO Jeffrey Parker. “This savings enhances MARTA’s
financial position, allows for further investment in the state of good repair
of our system, and demonstrates MARTA’s commitment to sustainability.”
addition to being MARTA’s first issuance of Green Bonds, it was also MARTA’s
first time to offer a tender or exchange of investor bonds to enhance savings.
“This was a complicated transaction with several moving pieces that broadened
our investor base, provided investors with options, and allowed the Authority
to generate additional savings,” said MARTA Chief Financial Officer Raj
highly successful transaction was a team effort led by MARTA’s financial
advisors, PFM Financial Advisors, legal teams from Holland and Knight,
Kutak-Rock, Townsend and Lockett, and Hunton Andrews Kurth, as well as Globic
Advisors, Kestrel Verifiers, US Bank, Terminus Analytics, and MARTA staff.
Underwriters for the refunding were senior managed by Goldman Sachs & Co.
LLC and J.P. Morgan with assistance from Loop Capital, Estrada Hinojosa, and
bonds were rated AA+ by S&P and Aa2 from Moody’s, both with a stable