News Release Archive
FINANCE--PROVINCE RE-FINANCES WITH BOND ISSUE ----------------------------------------------------------------- Finance Minister Bill Gillis announced today that the province has has re-financed part of its debt with a $250 million (Canadian) issue in the Euro-Canadian dollar market. The bond has a coupon rate of 6.25 per cent and a term of nearly six years. "The bond is an important step in the government's plans to reduce payments in foreign currencies. Although the bond was sold outside Canada, the money raised is in Canadian dollars, as are the interest payments." The money will be used to replace bonds that required payment in foreign currencies. He said the issue sold well in London and other markets. "We are pleased that the international market views Nova Scotia as a good credit risk," he said. The majority of the issue sold out in one day with the balance purchased within the week. The province's borrowing program is now designed to re-finance, rather than increase the provincial debt, as government revenues are now in balance with government spending plans, the finance minister said. -30- Contact: Bruce Cameron 902-424-8787 mfm Fe. 4, 1997 2:15 p.m.