By Josh Beckerman
The City of New Haven, Conn., intends to sell $145.3 million of general obligation refunding bonds, planning to refund all or part of bonds from three series issued in 2013, 2014 and 2018.
Maturities will range from 2025 to 2033, with larger amounts in the later part of that timeframe, according to documents posted on MuniOS.
The bonds are expected to be tax-exempt.
Pricing is expected Dec. 4, while closing is expected Dec. 19.
According to a roadshow document, the city has increased its unrestricted fund balance to $56.9 million in fiscal 2023 from negative $10.6 million in fiscal 2018, and a "debt diet" limiting new money issuance to $30 million a year has reduced leverage over time.
The bonds are general obligations of the city. Unless paid from other sources, the bonds are payable from general property tax revenue, according a preliminary official statement.
The bonds have ratings of Baa1 from Moody's Ratings and A- from both S&P Global Ratings and Fitch Ratings.
Cabrera Capital Markets is senior underwriter and Ramirez & Co. is co-senior manager.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
December 02, 2024 18:00 ET (23:00 GMT)
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