City of Corpus Christi Successfully Prices $296.87 Million in Utility System Bonds
City of Corpus Christi
CORPUS CHRISTI, TEXAS (News Release) - The City of Corpus Christi announced the successful sale of $296.87 million in Utility System Senior Lien Revenue Improvement and Refunding Bonds, Series 2025, which priced on June 26, 2025. The financing will fund vital infrastructure improvements and refinance prior debt at lower interest rates, delivering more than $8.2 million in savings for ratepayers.
The City’s bond issuance attracted over $1.3 billion in orders from 53 institutional investors, a 4.5 times oversubscription, demonstrating strong investor confidence in the City's financial management and long-term utility planning. The bonds are scheduled to close on July 17, 2025.
Two of the nation’s leading rating agencies, Fitch Ratings and S&P Global Ratings, affirmed the Utility System’s strong credit profile with underlying ratings of 'AA-' with a Stable Outlook.
In a first for the City’s Utility System, bond insurance was used to enhance the credit rating to "AA", allowing for more favorable pricing in the market and resulting in an additional $1.2 million in debt service savings.
"This successful financing reflects the City’s ongoing commitment to responsible fiscal management and long-range planning to meet the infrastructure needs of our community," said City Manager Peter Zanoni. "The strong investor demand and interest cost savings will directly benefit our ratepayers and support critical utility system improvements."
The negotiated bond sale was led by Morgan Stanley as the senior managing underwriter, with Specialized Public Finance Inc. serving as the City’s financial advisor.
