BRADENTON, Fla. — Kentucky reaped more savings than anticipated in Wednesday's $468 million taxable note sale in which underwriters created a new index-eligible term bond structure to entice investors who typically aren't interested in maturities less than 10 years.

The deal — featuring a final maturity in 2020 and an eight-year term bond comprising most of the debt — was oversubscribed more than two times and received more than $1 billion in orders.

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