Tewksbury to Save Around $9 Million After Refinancing: Report

TEWKSBURY, MA—After refinancing its debt, the Town of Tewksbury will be saving around $9 million, reports the Lowell Sun.

Town Manager Richard Montouri stated Board of Selectmen's meeting on July 19 that the town borrowed $60,195,000 over the past few weeks, $56,095,00 of which was used to finance the town's debt. The additional $4.1 million was used to remodel the Sutton Brook Disposal area, according to the Sun's report.

Montouri also added that the town will receive a true interest cost of 1.56 percent, and will see about $9.4 million in savings.

The Town of Tewksbury's Standard & Poor's credit rating was recently upgraded in November of 2015 from a rating of 'AA' to 'AA+'.

Read more from the Lowell Sun here.