Bi-State Development announced that a recent bond refinancing will provide more than $36 million in budgetary savings over the life of the bonds. More than $171.2 million in Series 2020 bonds were sold on July 7, with approximately $570 million or 3.4 times the number of orders being placed for the bonds. The deal will close on July 21, 2020.
The Bi-State Development Board of Commissioners authorized the refinancing strategy during its April meeting, which allowed the organization to take full advantage of the favorable market conditions that contributed to the significant savings. Bi-State Development refunded all but approximately $22 million of its remaining Series 2013A bonds through the sale of the Series 2020 bonds, which generates $24.7 million in present-value savings, and approximately $36.4 million in total debt service savings over the life of the bonds.