News Release Archive
NEWS RELEASE (CNS625) -->> FINANCE--$250 MILLION REFINANCED AT LOW FIXED RATE FINANCE--$250 MILLION REFINANCED AT LOW FIXED RATE ----------------------------------------------------------------- The provincial government has taken advantage of low interest rates to refinance some of its current floating rate debt to fixed term. The Province successfully launched a $250 million (Canadian) bond issue for a 10-year fixed term at 7.25%. The funds will go towards paying off existing floating rate debt. While the move may not save money in the short term, it will provide the province protection against future increases in interest rates. The issue sold well in Canadian, American and U.K. markets and its timing was helped by Standard and Poor's recent upgrade on its outlook on the province's debt. -30- Contact: Bruce Cameron 902-424-8787 trp Oct. 09, 1996 - 3:55 p.m.