Nassau County, N.Y. is planning a $273 million bond sale to refinance old debt.
The bonds, rated A2 by Moody's Investors Service, are expected to price Jan. 25. Proceeds from the sale will refund general improvement bonds that were issued in 2008 and 2009.
Nassau County Debt Manager Steven Conkling said the transaction will achieve an estimated $14 million in present value savings. The borrowing was approved by Nassau Interim Finance Authority, which took control of county finances in 2011.
"The county is always looking for ways to save money," said Eric Naughton, the county's deputy executive for finance. "We're always looking for refunding opportunities."
Ramirez & Co. is the senior manager on the deal with Bank of America Merrill Lynch as co-manager. The financial advisor is Public Financial Management with Orrick, Herrington & Sutcliffe as bond counsel.
Nassau is also planning to issue $120.1 million in general improvement bonds as part of a competitive sale on Feb. 2. The deal will help fund capital improvements throughout the county including a new crime lab and matrimonial court building. The bonds are also rated A2 by Moody's.
