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Arlington Nets 2.6% Interest Rate on $66.2M General Obligation Bond

Post Date:11/14/2019 3:56 PM
Phyllis Marshall, Town Treasurer, announced that the Town received competitive bids from bond underwriters on Wednesday, November 13, 2019, for a $66,190,000 30-year general obligation bond issue. Morgan Stanley & Co., LLC was the winning bidder on the Bonds with an average interest rate of 2.69%. The Town received a total of 11 bids on the Bonds. Bond proceeds will be used to finance various municipal purposes. The largest portion of this bond goes to fund the first phase of the new Arlington High School, with additional funds going toward the Community Center renovations (Senior Center), and other approved capital programs.

“This low interest rate is a good deal for Arlington taxpayers,” said Adam Chapdelaine, Arlington Town Manager. “It is a result of the our AAA Bond rating and strong financial management, which is a culmination of the work of the Town’s financial team and financial policy by the Select Board, Finance Committee, and Capital Planning Committee.”

Prior to the sale, S&P Global Ratings, a municipal bond credit rating agency, affirmed the Town’s long-term rating of ‘AAA’, the highest rating attainable. The rating agency cited the Town’s very strong economy, strong management with good financial policies and practices, strong budgetary performance, very strong budgetary flexibility, and very strong liquidity as positive credit factors.

The bids for the Bonds were accepted at the offices of the Town’s Financial Advisor, Hilltop Securities Inc., at 54 Canal Street in Boston, Massachusetts.
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