Branford Refinances Debt at 1.7%, Saves $1.6 Million

Town of Branford

Nov 12, 2021

Finance Director James Finch stated “I am pleased with the sale and the significant savings it will provide to the town”. He also thanked the First Selectman, Board of Finance and RTM for their support in moving forward with the refunding.”

On Wednesday November 3, 2021 the Town of Branford priced approximately $14.1 million in taxable refunding bonds through a negotiated sale underwritten by Piper Sandler.

The refunding bonds will mature in 2032 and were priced at an effective rate of 1.707%. The refunding bonds will replace bonds issued in 2018 and will save the town $1,680,000 in debt service costs over the life of the bonds.

Finance Director James Finch stated “I am pleased with the sale and the significant savings it will provide to the town”. He also thanked the First Selectman, Board of Finance and RTM for their support in moving forward with the refunding.”

First Selectman Cosgrove stated, “The savings is significant, and by taking advantage of favorable opportunities in the market, Branford is able to maintain low debt service levels while continuing to improve the town’s infrastructure.”

In advance of the bond pricing the S&P Global Ratings reaffirmed Branford’s “AAA” bond rating, the highest assigned by S&P Global Ratings.