Sale of Refunding Bonds Saves Branford Nearly $1.7M, Town Says

BRANFORD, CT — Earlier this month, the town priced approximately $14.1 million in taxable refunding bonds through a negotiated sale underwritten by Piper Sandler, per a news release issued by the office of Branford First Selectman James Cosgrove.

It's noted that the refunding bonds will mature in 2032 and were priced at an effective rate of 1.707 percent. The refunding bonds will replace bonds issued in 2018 and will save the town $1,680,000 in debt service costs over the life of the bonds.

“I am pleased with the sale and the significant savings it will provide to the town," Finance Director James Finch was quoted as saying. Finch also added his thanks to Cosgrove, the Board of Finance and RTM "for their support in moving forward with the refunding.”

“The savings are significant," Cosgrove said, "and by taking advantage of favorable opportunities in the market, Branford is able to maintain low debt service levels while continuing to improve the town’s infrastructure.”

The town said that in advance of the bond pricing, the S&P Global Ratings reaffirmed Branford’s “AAA” bond rating, the highest assigned by S&P Global Ratings.

Read more about the AAA bond rating here.