Community Corner
Woodridge Park District Sells Debt Certificates to Fully Fund the Athletic Recreation Center Project
Woodridge Park District went to market on the sale of the Phase 2 financing for the Athletic Recreation Center (ARC) on August 19.
The Woodridge Park District went to market on the sale of the Phase 2 financing for the Athletic Recreation Center (ARC) on August 19, 2015 and is pleased to report the District sold its Debt Certificates to yield an average 4.28%, which includes all costs of issuance over the 20 year retirement duration, with yields to investors ranging from 3.02% to 3.92%. Priced with a rating of AA- / Stable Outlook from Standard & Poor’s, the District will produce net proceeds of $7,000,000.00 at closing which is scheduled for September 3, 2015. With this issuance, the ARC is now fully funded.
At the same time, the District undertook a refunding of some existing bonds in order to reduce interest costs. Issued at an all-inclusive rate of 2.51%, the District will enjoy debt service savings in excess of $152,000 by the refunding.
Visit www.woodridgeparks.org to read more about the ARC.
