Gwinnett County GA : WILL SAVE $14 MILLION REFINANCING STADIUM BONDS

(Lawrenceville, Ga., Jan. 19, 2017) - Gwinnett County will save approximately $14 million in future debt service payments by taking advantage of lower interest rates to refinance bonds used to construct Coolray Field. Commissioners on Tuesday approved a resolution approving the pricing and terms. Compared to the 6.25 percent interest rate when the bonds were first sold in 2008, the new rate of 3.27 percent will reduce debt service costs by more than $600,000 annually.

Gwinnett County CFO Maria Woods said the final maturity date remains the same, Jan. 1, 2038. 'This does not increase the amount of outstanding debt for the stadium, and we are not borrowing more than we currently owe on it,' she said.

The process began in November when both the Gwinnett County Development Authority and the Board of Commissioners authorized financial services staff to refund the bonds. Since that time the bonds have been validated, County's AAA credit rating has been affirmed, and an offering was developed and taken to market. Six bids were received from underwriters ranging from 3.27 percent to 3.74 percent. Raymond James and Associates was the low bidder, with Regions Bank servicing the bonds.

The bonds are issued by the Gwinnett County Development Authority under an intergovernmental contract with Gwinnett County government. The Development Authority approved a similar resolution on Jan. 12.