Fairfield Bond Sale Raises Funds For Projects

FAIRFIELD, CT — Fairfield achieved favorable outcomes from recent municipal bond and note sales totaling more than $54 million, and officials credited the success to the town’s strong financial standing and favorable ratings from national credit agencies.

The town raised $45.3 million through a new money bond sale and an additional $9.25 million through note sales. The bond sale attracted 14 bidders, with Janney Montgomery Scott submitting the winning bid at a 3.69% interest rate. The five top offers were separated by just three basis points, suggesting robust demand and a stable market, according to town officials.

"We’re thrilled with these results, as they allow us to keep debt service costs low and ease the financial strain on our taxpayers," First Selectman Bill Gerber said in a statement.

Jefferies LLC won the note sale with a 2.93% bid, one of six offers submitted. The funds from both sales are expected to be available to the town following a July 3 settlement date.

Proceeds will fund a range of capital projects, including school air conditioning installations, roof replacements at school facilities, and general infrastructure and sewer improvements.

The town’s credit ratings played a key role in attracting strong interest from investors. Moody’s Investors Service and Fitch Ratings, two of the three major Wall Street credit rating agencies, issued favorable reviews of the town’s fiscal health ahead of the sale.

"The success of these sales was bolstered by the Town’s exceptional credit ratings," said Matthew Spoerndle, a Senior Managing Director of Phoenix Advisors and Fairfield's municipal advisor. "The Town’s commitment to fiscal responsibility and the economic vibrancy of the community overall helped contribute to these excellent results for Fairfield taxpayers!"