Connecticut will save a record $94.8 million over the next 11 years thanks to a recent debt refinancing, Treasurer Denise L. Nappier announced.
Nappier’s office oversaw the sale of $822 million of refunding bonds last week. Of the total, $198 million were retail orders.
The proceeds will be used to refinance outstanding debt at lower interest rates, which have fallen approximately 0.25 percent since January.
The bonds sold have an overall interest cost of 1.55 percent, with maturities ranging from 2015 to 2025. Nappier said a large portion of the bonds being refunded are callable at par on June 4 and do not require a refunding escrow, which helped contribute to the overall savings.
