Beverly To Save $1.7 Million Through Bond Refinancing

BEVERLY, MA —Beverly will save nearly $1.7 million over the remaining life of its 15-year general obligation bond through refinancing, according to the city's finance director.

Bryant Alves announced that StoneX Financial had the winning bid for the refinancing of $7,535,000 in 15-year bonds, which will be refinanced at a 1.3571 percentage rate. He said that will save the city $1,679,322 in interest on the bond issued in 2010.

Alves credited the city's "AA+" municipal bond rating, as recognized by S&P Global Ratings, for the interest rate.

"The rating agency cited the city's very strong economy, strong management with good financial policies and practices, very strong budgetary flexibility and very strong liquidity as positive credit factors," the city said in a statement.