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State treasurer announces sale of refunding bonds

Thursday, March 17, 2005 | 9:06 a.m.

SUN CAPITAL BUREAU

CARSON CITY -- State Treasurer Brian K. Krolicki said Wednesday his office has sold $246.8 million in refunding bonds, saving the state an estimated $6 million in interest costs in the next two years.

The bonds were purchased by Citigroup at a true interest cost of 3.83 percent, he said. The bonds are financing state and university construction and cultural affairs projects. Refunding bonds reduces the interest the state pays.

The bonds were originally sold from 1995 to 2000 and the state was charged an interest rate ranging from 4.9 percent to 5.5 percent.

These sales are part of a $760 million refunding bond sale that is the largest in the state's history, Krolicki said. Three more refunding bond issues will be sold later this month and in early April.

The state has retained its present bond ratings of AA from Standard & Poor's, Aa2 from Moody's Investors Service and AA+ from Fitch Ratings.

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