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Underwriter outlines $14 million bond sale that refinanced bank loans and secured lower rates
Summary
Janney Montgomery Scott told the joint board the city sold bonds in November to refinance bank loans, issue a short-term note for building renovations reimbursed by a state grant, and purchased bond insurance to lower interest costs; the sale produced roughly $1.8 million in projected lifetime savings and an average rate near 3.77%.
Janney Montgomery Scott presented details of a municipal bond transaction the board approved earlier this year, saying the underwriter sold the bonds on Nov. 20 and structured the issue to refinance outstanding bank loans and provide short-term financing for municipal building renovations.
The underwriter described a transaction just under $14,000,000 that refinanced about $11,600,000 in bank loans and included a roughly $2.5 million note to front the municipal building project until the Commonwealth’s reimbursing grant is paid. Janney told the board it also purchased municipal bond insurance from Build America Mutual;…
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