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HHC refinancing praised as successful; CFO reports $33.1 million in projected cash‑flow savings and lower annual debt service
Summary
Interim CFO James Simpson told trustees a recent bond refinancing was well received, producing significant investor demand and estimated savings; he also flagged an annual review of the investment policy for November and provided general fund projections.
Interim CFO and assistant treasurer James Simpson reported the corporation’s recent refunding effort went well in the market and outlined estimated savings to trustees.
Simpson said HHC went to market on Oct. 15 seeking $428,000,000 in bonds and received about $1.9 billion in total orders from 45 investors, which gave staff strong pricing options. He reported the effective cost of borrowing on the new bonds at about 3.62 percent and that the transaction generated $33,100,000 in cash‑flow…
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