Nashua, N.H., will save almost $2 million on the bonds that paid for building its North and South high schools eight years ago, Mayor Donnalee Lozeau announced.
According to the Nashua Telegram, aldermen in February approved Lozeau’s request to enable city Treasurer David Fredette to take advantage of low interest rates and refinance outstanding bonds that had funded the two school construction projects.
The bonds were originally issued on March 15, 2004, according to the Telegraph.
Nashua received competitive bids from nine bond underwriters March 14 for a $20.8 million 12-year refunding bond issue.
TD Securities won the deal, bidding a true interest cost of 1.9958%.
Yields ranged from 0.6% for the March 2015 maturity to 2.60% for March 2024.
FirstSouthwest was financial advisor. Edwards Wildman Palmer LLP was bond counsel.
The bonds carry ratings of AAA from Fitch Ratings and AA-plus from Standard & Poor’s.