News Release Archive


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.


Contact: Bruce Cameron 902-424-8787

mfm       Fe. 4, 1997          2:15 p.m.