Florida Saves $85 Million on Refinanced Bonds
Favorable interest rates allowed the state to refinance a $301.9 million debt and save $85.1 million in the process, Florida’s chief of bond finance told the governor and Cabinet Tuesday.
The refinanced bonds, which were approved Tuesday, will be sold at an interest rate of under 2.8 percent, significantly lower than the 4.97 percent rate of the bonds they will be replacing.
It’s the largest such reduction in payments that state officials have seen in the past 20 year and maybe ever.
“This generated more debt service savings than any other transaction,” said Ben Watkins, Florida’s chief of bond finance.