November 3, 2010 (Please See Also 2016 Evaluation)
From a Questionnaire Submitted to the Florida Public Service Commission Asking About Saber Partners’ work:
Q: Describe the project, including issues identified and addressed by Saber Partners, LLC:
A: Financial Advisor to the Florida Public Service Commission. Assisted the Commission in making sure the issuance of storm recovery bonds resulted in the lowest storm recovery charges consistent with then-prevailing market conditions and the terms of the Financing Order and other applicable laws.
Q: Please rate Saber Partners’ performance of projects/services provided:
A: Saber Partners assisted in all aspects of determining the appropriate structure, marketing, and pricing of the storm recovery bonds. Extremely knowledgeable about the security markets. Very responsive to Commission needs. Its thorough analysis of all filings and its suggested edits helped incorporate provisions in the documents to protect ratepayer interests. Saber Partners’ participation in the transaction produced material savings to utility ratepayers well in excess of its fee.
Q: Please Describe the projects/services Saber Partners provided:
A: Saber Partners assisted the Commission in the preparation of discovery (interrogatories, requests for production of documents, and depositions), preparation of testimony, appeared as expert witnesses at the hearing, assisted in the drafting of the Financing Order, and advised the Commission regarding the appropriate structure, marketing, and pricing of the storm recovery bonds. In this latter function, Saber Partners assisted the Commission in interviewing underwriters, preparing and presenting before the 3 principal rating agencies to secure a AAA-rating for the transaction, and reviewed and edited the documents necessary for the sale of the securities.
What are Your General Comments about Saber Partners that we should consider:
Saber Partners’ involvement in this transaction was instrumental to the Florida storm bond issuance being the least cost transaction in the ratepayer-backed security market. Based on price (the spread over applicable Treasuries), the Florida transaction still ranks as the least cost transaction in this market.