REI - City of Philadelphia Letters of Credit and Alternative Variable Rate Financings

Location:	Pennsylvania
Posted:	Jan 12, 2026
Due:	Feb 9, 2026
Agency:	City of Philadelphia
Type of Government:	State & Local
Category:	66 - Instruments and Laboratory Equipment
Publication URL:	To access bid details, please log in.

Title	Description			Date	Format
REI - City of Philadelphia Letters of Credit and Alternative Variable Rate Financings PDF	The City of Philadelphia (the “City”) hereby seeks proposals for the provision of Direct Pay Letters of Credit or alternative financing structures (e.g., direct purchase notes, revolving lines of credit, etc.) (the “Bank Facility”) for the Gas Works Capital Project Commercial Paper (“CP”) Notes (1998 General Ordinance), Subordinate Series and the Gas Works Revenue Notes, CP Series I (together the “CP Notes”); the Philadelphia Water and Wastewater Commercial Paper Notes, Series A; and a potential direct draw, non-revolving Philadelphia Airport Revenue Bank Drawdown Note (“BDN”).			January 12, 2026	PDF

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ISSUE DATE: JANUARY 12, 2026

DUE DATE: FEBRUARY 9, 2026

REQUEST FOR EXPRESSIONS OF INTEREST

DIRECT PAY LETTERS OF CREDIT AND

ALTERNATIVE VARIABLE RATE FINANCINGS

CITY OF PHILADELPHIA, PENNSYLVANIA

Gas Works Capital Project Commercial Paper Notes, (1998 General Ordinance),

Subordinate Series and Gas Works Revenue Notes, CP Series I

Philadelphia Water and Wastewater Commercial Paper Notes

Philadelphia Airport Revenue Bank Drawdown Note

The City of Philadelphia (the “City”) hereby seeks proposals for the provision of Direct Pay Letters of Credit

or alternative financing structures (e.g., direct purchase notes, revolving lines of credit, etc.) (the “Bank

Facility”) for the Gas Works Capital Project Commercial Paper (“CP”) Notes (1998 General Ordinance),

Subordinate Series and the Gas Works Revenue Notes, CP Series I (together the “CP Notes”); the

Philadelphia Water and Wastewater Commercial Paper Notes, Series A; and a potential direct draw, non-

revolving Philadelphia Airport Revenue Bank Drawdown Note (“BDN”).

Both current and new bank facility providers are strongly encouraged to participate. If your firm has overall

limits for providing credit enhancement and/or liquidity to the City that may be fungible across credits,

please state the specific limits clearly in your response.

Existing

Underlying Rating

Facility Par Bank Facility

Credit

(Moody's/S&P/Fitch)

Series

Amount

Exp. Date

Philadelphia Gas Works

A3/A/A

$120,000,000 6/16/2026

Philadelphia Water & Wastewater

A1/A+/A+

CP (Series A) $125,000,000 7/28/2026

Philadelphia Airport

A1/A+/A+

Drawdown

Notes

$200,000,000

N/A

For rating agency press releases and the latest official statements on the above credits and other information, please see the City’s

investor website at https://www.phila.gov/programs/investor-information/.

Alternative Variable Rate Financing Proposals

The City will also consider proposals for alternative variable rate financing structures. Alternative Bank

Facility Financings could include direct purchase index notes and revolving facilities. If your firm is an

authorized underwriter in the current pools for the relevant credits, you can also submit public-market

variable rate proposals. Any alternative proposal submitted must be submitted as a firm offer and include

detailed information regarding structure, pricing, terms, and conditions.

Anticipated Schedule of Events

Issue Request for Expressions of Interest (“REI”)

Deadline to Submit Questions

City Responses to Questions Posted

PROPOSAL SUBMISSION DEADLINE

Select Bank Facility Providers

(Final award is subject to approval by the City of

terms of any Bank Facility)

Monday, January 12, 2026

Tuesday, January 20, 2026

Tuesday, January 27, 2026

Monday, February 9, 2026 @ 5:00 PM

Philadelphia, PA Local Time

Monday, March 2, 2026

-1 -

City of Philadelphia – Request for Expressions of Interest

Due Date: Monday, February 9, 2026 at 5:00 pm Philadelphia, PA Local Time

Proposal Information

Prospective providers who have received this document from a source other than the City, and who wish to

assure receipt of any changes or additional materials related to this REI, should immediately e-mail Matthew

Bowman (Matthew.Bowman@phila.gov) and Sarah Cho (Sarah.Cho@phila.gov) and provide their name

and email address to ensure receipt of amendments or supplemental materials.

Please respond on behalf of your firm only; the City will not consider joint proposals.

The expenses of your proposal will not be the responsibility of the City or any of its respective counsel or

advisors. The City reserves the right to waive any irregularity in any proposal, negotiate with one or more

firms, or reject any or all proposals. The City reserves the right not to proceed with the execution of any

Bank Facility.

THE CITY REQUIRES THAT ANY FIRM SELECTED TO PARTICIPATE AS PROVIDER FOR A CITY

FINANCING AGREE NOT TO DISCRIMINATE NOR PERMIT DISCRIMINATION AGAINST ANY

PERSON BECAUSE OF RACE, COLOR, RELIGION, NATIONAL ORIGIN, OR SEXUAL

ORIENTATION. IN THE EVENT OF SUCH DISCRIMINATION, THE CITY RESERVES THE RIGHT

TO TERMINATE THE FIRM’S APPOINTMENT TO THE ISSUE.

Proposal Submission & Deadline

Please submit your proposals via e-mail no later than 5:00 PM Philadelphia, PA Local Time on, Monday,

February 9, 2026 to Matthew Bowman (Matthew.Bowman@phila.gov) and Sarah Cho

(Sarah.Cho@phila.gov). The subject title should read, “REI-Submission - Direct Pay LOC - [insert firm

name]”.

Your response should follow the format in the attached Exhibits. THE CITY ANTICIPATES

NEGOTIATING COMPLETE TERM SHEETS AFTER RESPONSES HAVE BEEN RECEIVED.

Interested parties must indicate by when they would expect to be able to receive final credit approval, if

not affirmed in the response to the REI. A form of the Direct Pay Letter of Credit and Reimbursement

Agreement or relevant legal documents for alternative proposals to be entered into by the City and the

Facility provider must be made available to the City promptly upon notice to the respondent that they are

the apparent choice of the City.

Questions

The City will accept written questions from prospective providers. Questions and presentation requests will

be accepted by e-mail to Matthew Bowman (Matthew.Bowman@phila.gov) and Sarah Cho

(Sarah.Cho@phila.gov). The deadline for written questions is Tuesday, January 20, 2026 at 5:00 PM,

Philadelphia, PA Local Time.

NO QUESTIONS ARE TO BE DIRECTED TO THE MAYOR’S OFFICE, OR TO ANY OTHER CITY

DEPARTMENT, AGENCY, OR PERSONNEL.

Answers to all substantive questions that are not clearly specific only to the requestor, will be distributed to

all vendors who are known to have received a copy of the REI. Such distribution may include the posting of

such information on the City’s website https://www.phila.gov/departments/office-of-the-chief-

administrative-officer/contract-opportunities-with-special-application-processes/. The City will respond to

questions by Tuesday, January 27, 2026.

-2 -

City of Philadelphia – Request for Expressions of Interest

Due Date: Monday, February 9, 2026 at 5:00 pm Philadelphia, PA Local Time

Evaluation Criteria and Selection

Selection shall be made to the responsive provider(s) whose proposal(s) are deemed to be the most

advantageous to the City, along with any relevant performance data and other information available to the

City. Proposals will not be opened publicly.

Revisions to the REI

If it becomes necessary to amend this REI before the due date for proposals, amendments will be provided

to all prospective providers who were sent this REI or otherwise are known by the City to have obtained this

REI. Amendments made after the due date for proposals will be sent only to those Providers who submitted

a timely proposal.

Acknowledgment of the receipt of all amendments to this REI issued before the proposal due date must

accompany the provider’s proposal in the transmittal letter accompanying the proposal. Acknowledgement

of the receipt of amendments to the REI issued after the proposal due date shall be in the manner specified

in the amendment notice. Failure to acknowledge receipt of amendments does not relieve the provider from

complying with all terms of any such amendment.

Reservation of Rights

The City reserves the right to cancel this REI, accept or reject any and all proposals, in whole or in part,

received in response to this REI, to waive or permit cure of minor irregularities, and to conduct discussions

with any or all qualified or potentially qualified providers in any manner necessary to serve the best interests

of the City. The City also reserves the right to make award(s) based upon the written proposals received

without discussion or negotiations. In the event negotiations with any respondent(s) are not satisfactory to

the City, the City reserves the right to discontinue such negotiations at any time; to enter or continue

negotiations with other respondents; and/or to solicit new responses from providers that did not respond to

this REI. The City reserves the right not to make an award to any respondent, with or without the re-issuance

of this REI, if the City determines that such is in the City’s best interest. The City reserves the right to change

the details at any time. Nothing in this REI shall bind the City to enter into any agreements pursuant to this

solicitation.

Thank you for your interest in serving the City.

-3 -

Exhibit A

City of Philadelphia – Request for Expressions of Interest

Due Date: Monday, February 9, 2026 at 5:00 pm Philadelphia, PA Local Time

CITY OF PHILADELPHIA, PENNSYLVANIA

Gas Works Capital Project Commercial Paper Notes, (1998

General Ordinance), Subordinate Series

and Gas Works Revenue Notes, CP Series I

REI for Direct Pay Letters of Credit

and other Alternative Credit Enhancement and Liquidity

Fee Proposal Form

Proposals submitted must complete this form or include responses to all items on this form in order to be considered.

SECTION 1 – GENERAL INFORMATION

Full Legal Name of Provider:

Contact Person: _____________________________ Phone:

Fax:

E-mail:

Bank’s Ratings:

Fitch:

Moody’s:

Standard & Poor’s:

Long-term

Short-term

Outlook/Credit Watch

All responses must provide the full $120 million capacity for the CP Notes.

1.1. Please indicate if your firm has overall limits for providing credit and/or liquidity to the City and would capacity be

available for other City credits.

1.2. Timeframe for Credit Approval: __________________________________________________

SECTION 2 – PRICING

2.1 Complete the fee table below and separately provide a downgrade pricing grid.

Facility Length

1 Year/365 days

2 Years

3 Years

4 Years

5 Years

Annual Fee

2.2 Term-Out Provisions (including interest rates and conditions)

2.3 Early Termination Provisions for the City

2.3 Bank Counsel: Firm Name and primary contact: __________________________________________

Legal Fees and Expenses:

Estimated at $ _______________; capped at $ _______________

SECTION 3 – COVENANTS

3.1 Please itemize and briefly describe all required Security Covenants. Please do not provide generic statements such as

those requesting “usual and customary provisions”

3.2 List all Termination Events and Events of Default

SECTION 4 – ALTERNATIVE PROPOSALS (LIMIT: 2 PAGES)

A-1

City of Philadelphia – Request for Expressions of Interest

Due Date: Monday, February 9, 2026 at 5:00 pm Philadelphia, PA Local Time

Please include a description, terms and pricing associated with any alternative proposals for variable rate revolving

facilities in lieu of the Gas Works Commercial Paper program. Indicate whether the proposal is a firm offer. Proposals

should not exceed two pages.

A-2

This is the opportunity summary page. It provides an overview of this opportunity and a preview of the attached documentation.

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REI - City of Philadelphia Letters of Credit and Alternative Variable Rate Financings

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