Credit
Mark Prado
Sonoma Marin Area Rail Transit (SMART) announced Monday it successfully sold $122.97 million in “Green Bonds” to refinance its outstanding debt related to the construction of the new transit system.The move generates an average annual savings in debt service of $3.47 million, which will support operating costs going forward.
SMART conducted a successful pricing of bonds in the market on Wednesday, October 21, 2020, and the transaction closed on Thursday, October 29th.
The bonds were rated AA by Standard and Poor’s and designated as “Green Bonds,” which is a designation under the International Capital Markets Associations’ (ICMA) Green Bond Principles (GBP). SMART’s “Green” designation means that investors are choosing bonds that have previously financed environmentally beneficial projects.
MTC has provided financial support for SMART, which extended service to Larkspur and downtown Novato station in Marin County last year. SMART is also working on extending further north to Windsor in Sonoma County.
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