ANCHORAGE – Anchorage will save over $17 million by refinancing the original bond for construction of the Dena’ina Center, taking advantage of the currently very low interest rates. The bond is held by CIVICVentures, a non-profit corporation controlled by the Municipality of Anchorage. The savings will be accrued over the remaining twenty-three year life of the bonds.
“We saved Anchorage residents $17 million, by taking advantage of investor confidence in the Anchorage economy and applying conservative financial management principles,” said Mayor Ethan Berkowitz.
The savings will result in additional funds being available for any capital improvements that are required by both the Dena’ina and Egan Centers.
“This bond issue was rated “A” by Standard & Poor’s and “AA-“ by Fitch and has maturities from one to twenty-three years. Our strong financial standing resulted in an overall cost of funds for this transaction of 3.8% and saved CIVICVentures $17 million in future debt service,” stated Robert Harris, CFO of the Municipality of Anchorage.
For more information, contact Myer Hutchinson at (907) 343-7133.
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