Wilton's strong credit rating spurs bond sale
Wilton's Chief Financial Officer Anne Kelly-Lenz announced today the results of Thursday’s $3.6 million bond sale, which yielded competitive interest rates on the strength of solid reviews from Moody’s Investors Service, one of the three major Wall Street rating agencies.
The town received a total of seven bids, according to a release by Kelly-Lenz. Robert W. Baird & Co. submitted the winning bid. Baird beat out firms such as Raymond James, BNY Mellon and Roosevelt & Cross, among others.
The interest rate bids ranged from a winning bid of 1.86% to a high bid of 2.22% on the bonds which carry a 10-year term.
The bonds will primarily provide the financing for road restoration and improvements to recreation facilities approved at the 2018 Annual Town Meeting.
“Today’s results were primarily driven by the town’s exceptional credit rating and prudent long term financial management of the Town,” said Matthew Spoerndle, senior managing director of Phoenix Advisors and Wilton’s municipal advisor. “Town officials have continued to keep Wilton’s fiscal health strong over the years and Moody’s has recognized that.”
“These results keep our debt service and the burden on the taxpayers as low as possible," said First Selectwoman Lynne Vanderslice. Moody’s affirmed Wilton’s rating at Aaa, which is the highest rating available.
The settlement date for the sale is May 6, after which the funds become available to the town.