UConn bond sale raises record-breaking $455M in orders
Connecticut State Treasurer Shawn T. Wooden announced this week”™s University of Connecticut 2000 Program bond sale generated $455 million in retail orders, a new record in the program”™s 24-year history.
Wooden also announced the $279 million UConn 2000 Program bond sale broke another record with its historically low overall interest rate of 2.19%, which was also lower than the 2.31% interest cost on the state”™s June 2020 General Obligation bond sale.
The funds raised in the bond sale will be channeled into a $200 million infrastructure investment initiative and a $119 million refinancing of existing higher-interest bonds for debt service savings of approximately $29 million over the next 10 years. Wooden added the sale will save taxpayers $29 million by refinancing existing bonds.
“On the heels of four major credit rating agencies affirming Connecticut”™s general obligation ratings and stable outlooks, the UConn bond sale”™s record-setting bond sale builds on that
positive momentum,” said Wooden. “The increasing attractiveness of Connecticut bonds is further proof of our fiscal stability in the eyes of investors. At a time when our state is confronting the ongoing public health crisis and responsibly tackling longstanding fiscal challenges, these results underscore the importance of strong financial governance, saving taxpayer dollars, and staying the course with fiscally-responsible policies.”