West Hartford’s refinancing of long-term debt tied to development of Blue Back Square will save the suburban enclave nearly $2 million over the next six fiscal years, town leaders say.
Mayor Shari Cantor said Friday the town sold $19.9 million in AAA-rated bonds to refinance its previously issued debt.
The savings, Cantor said, amount to approximately $1.78 million, or 8 percent of the face value of the previous debt to finance Blue Back Square, the mixed-use residential-commercial development anchoring the center of town.
The town’s reputation and strong credit rating drew $51.3 million in bond order, or more than two times the volume being offered, said Peter Privitera, the town’s director of financial services.
Hilltop Securities Inc. served as municipal advisor. Shipman & Goodwin served as bond counsel. Raymond James Inc. was bond underwriter.Â
