Pennsylvania completed an $811.6 million general obligation bond sale on Tuesday, obtaining what Budget Secretary Charles Zogby called one of the state’s lowest interest rates ever.

The sale included $650 million for existing capital projects and $161.6 million to refinance previous bonds to achieve a lower interest rate for taxpayers.

The combined interest rate for both portions of the sale was 3.19%, and Citi was the winning bidder. The interest rate on the capital projects portion of the sale was 3.36%, the lowest rate the commonwealth has ever received for a non-refunding, non-Build America Bond issue.

The interest rate on the refunding portion of the sale was 2.34%.

In addition to Citi, the firms that bid were Bank of America Merrill Lynch, JPMorgan, Wells Fargo Securities, Barclays Capital Inc. and Morgan Stanley.

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