R.W. Corby & Co. last week announced the sale of $8.5 million of bonds, which will be used by Beckley Water Co. to construct a water treatment plant and water lines.
The bonds, rated A by Standard & Poor's Corp., have maturities ranging from two to 25 years and have a net interest cost of 6.9%. The new plant and lines will serve the city of Beckley and Raleigh County.
The underwriting is R.W. Corby's first exclusive deal in West Virginia since the firm opened an office in Charleston in April.
Gary L. Cottrill, head of R.W. Corby's operations in West Virginia and a senior vice president for public finance, said, "In the current climate, which has recently witnessed an oversupply of financings coming to market, we are extremely pleased to execute a transaction of this importance which will contribute to the quality of life for the people of Beckley and Raleigh County."
