LOUISVILLE, Ky. & MINNEAPOLIS, Dec 23, 2009 (BUSINESS WIRE) -- U.S. Bank has been named trustee on the $202.9 million Louisville Water
Company Water System Series 2009 Bonds. These bonds include Series 2009A
issue of $116.2 million revenue and refunding tax exempt bonds, and
Series 2009B issue of $86.7 million of new money. The Series 2009B is
issued as taxable Build America Bonds.
Proceeds form the 2009 bond issue will fund Louisville Water Company's
(LWC) capital program through 2012, including upgrades to the Crescent
Hill Water Treatment Plant, construction of new transmission pipelines
along Interstates 64 and 65, and completion of the riverbank filtration
project at the B.E. Payne Plant in Louisville, Kentucky.
U.S. Bank National Association has been the bond trustee for Louisville
Water Company bond issues since 1992. "U.S. Bank is one of the leading
corporate trust service providers in the country and this is another
great opportunity to put our expertise to work for the benefit of the
Louisville business community," said David Wombwell, market president
for U.S. Bank in Louisville. "We appreciate Louisville Water Company's
leadership in this critical infrastructure project and their continued
confidence in us as their service provider."
"We were excited to have such interest in the sale and pleased to work
again with U.S. Bank," said Amber Halloran, vice president and chief
financial officer for LWC. "We are regarded as a leader in water quality
and infrastructure. The bond issue will begin a series of projects that
are key for our future operations."
LWC,a publicly owned and privately operated for-profit utility,
provides water to more than 800,000 people in Louisville Metro and parts
of Oldham and Bullitt Counties, Kentucky. The Company also sells water
on a wholesale basis to utility customers that purchase water for resale
to nearly 50,000 people in Spencer, Nelson, Bullitt and Shelby Counties,
Kentucky. Standard & Poor's (S&P) upgraded LWC from a AA+ to a AAA
rating, citing LWC's strong financial operations, large and diverse
service area and its comprehensive capital planning. According to S&P,
the AAA rating places LWC in the top eight percent of the 900 water and
sewer utilities it rates. In addition to the S&P rating, Moody's
Investor Services gave LWC a rating of Aa1, its second highest rating.
U.S. Bank has 47 corporate trust offices across the country and offers a
complete line of trust services. U.S. Bank serves as trustee and paying
agent for the issuance of taxable and non-taxable securities, including
the review of documents and indentures, registration and authentication
of bonds, receipts and disbursement of bond sale proceeds, successor
trusteeships, escrow account services and transfer and paying agency
services. Also, U.S. Bank provides mortgage-backed and asset-backed
securitizations, money market paying agency services, bond and tax
administration, escrow services and document custody services.
U.S. Bancorp (NYSE: USB), with $265 billion in assets as of Sept. 30,
2009, is the parent company of U.S. Bank, the sixth largest commercial
bank in the United States. The company operates 3,002 banking offices in
25 states and 5,170 ATMs and provides a comprehensive line of banking,
brokerage, insurance, investment, mortgage, trust and payment services
products to consumers, businesses and institutions. Visit U.S. Bancorp
on the web at www.usbank.com.
SOURCE: U.S. Bank
Amy Frantti, Media Relations, 612-303-0733