AUGUSTA — State Treasurer Henry E.M. Beck, Esq. today announced a successful closing of
the June 2019 sale of general obligation bonds to fund $161,070,000 of projects previously
approved by Maine voters. The projects include major transportation infrastructure such as roads,
bridges and passenger rail; ports, harbors and marine infrastructure; environmental protection
projects; Maine Community College and University of Maine campus upgrades; research and
development for infrastructure and technology upgrades; and senior housing and weatherization
The underwriting syndicate was led by Raymond James and every retail broker with an office in
the State was invited to participate in the selling group to provide the widest possible distribution
to Maine residents. The bond sale generated $286 million in orders, including $7.28 million in
retail orders.
There were 16 new institutional investors that submitted orders for tax-exempt bonds and 19 new
institutional investors that submitted orders for taxable bonds. These new investors included bank
trusts, municipal entities and professional money managers. “Reaching new investors and driving
up demand for Maine bonds was one of our goals,” said Treasurer Beck. “The more investors that
want to purchase bonds, the lower the ultimate interest cost for the State.” Last week’s sale, which
concluded on Tuesday June 11, resulted in an All-in True Interest cost of 1.68% for the combined
tax-exempt and taxable bonds. The bonds have a 10-year life and will be completely paid off on
June 1, 2029.
“The people of Maine can be proud of our commitment to sound financial management. Our bond
rating of ‘Aa2/AA’ and our reputation in the market led to the low interest rates achieved on this
transaction. This result allowed us to lower the amount originally budgeted for principal and
interest payments and save money for Maine taxpayers,” noted Treasurer Beck.

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