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Needham sells $2.76 million bond anticipation note at 4% to refinance maturing debt
Summary
Town Treasurer sold a $2,760,000 bond anticipation note to refinance existing debt maturing July 30; Fidelity Capital Markets won with a 4% coupon and premium, yielding a net interest cost of about 3.06 percent. Town will decide in September whether to reissue another BAN or pursue permanent financing.
The Town of Needham on July 22 reported the successful sale of a $2,760,000 bond anticipation note to refinance existing, maturing short-term borrowing.
Town Treasurer David Davison told the Select Board the sale drew four bids. Fidelity Capital Markets submitted the winning bid with a coupon rate of 4.0 percent…
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