SAN FRANCISCO--()--Stone & Youngberg, a leading financial services firm and the nation’s top underwriter of California municipal bonds over the past five years1, announced today that it has completed a $168 million water utility financing for the California Department of Water Resources (DWR). The financing is representative of Stone & Youngberg’s expanding utility practice and work with high profile municipal issuers.
“The DWR financing is demonstrative of the firm’s growing utilities practice.”
“We are committed to bringing Stone & Youngberg’s municipal finance underwriting capabilities and expertise to prominent issuers such as DWR,” said Scott Sollers, a managing director in the firm’s public finance group. “The DWR financing is demonstrative of the firm’s growing utilities practice.”
“Stone & Youngberg’s market knowledge and flexibility were of great benefit to DWR, helping us to secure funding at very attractive borrowing rates in a challenging environment,” said Perla Netto-Brown, Chief of the Division of Fiscal Services at the California Department of Water Resources.
“Stone & Youngberg takes great pride in the fact that we were able to optimize pricing to provide significant value to our client,” said Lester Graves Lennon, a managing director in the firm’s public finance group.
Stone & Youngberg, founded in 1931, is one of the oldest private investment banks operating in the U.S. 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 through its offices in San Francisco, Los Angeles, San Diego, New York, Chicago, Phoenix, Albany, NY, Richmond, VA, Annapolis, MD, and Big Bear Lake, CA.
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 two 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 978 municipal bond issues totaling $20.4 billion over the past five years.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 Capital Group LLC is a private real estate investment, development, and consulting company.
Stone & Youngberg has offices in San Francisco, Los Angeles, San Diego, New York, Chicago, Phoenix, Albany, NY, Richmond, VA, Annapolis, MD, and Big Bear Lake, CA. Additional information is available at www.syllc.com or by calling 800-447-8663.
¹ Based on number of bond issues 2004-2008, 2009 year-to-date, Thomson Reuters 2009
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