Ballard Spahr Assists City of Rehoboth Beach, DE, in Refinancing That Will Save City Nearly $2 Million
Ballard Spahr represented the City of Rehoboth Beach, Delaware, in the City’s recent issuance of general obligations bond—a transaction expected to save the city more than $1.8 million in debt repayments.
The bond proceeds will be used to pay off two prior loans with higher interest rates.
Emilie R. Ninan, a partner in the Public Finance Group and co-Chair of Ballard Spahr’s national Finance Department, served as bond counsel to the City. Pursuant to the transaction, which closed last week, JP Morgan Chase Bank, NA, purchased $17.17 million of the City’s general obligation bonds at a rate of 1.61 percent for a 15-year period. The refinancing will save taxpayers approximately $1.85 million in loan repayments and pay off the debt four years sooner, the City said in a news release.
Ballard Spahr’s Public Finance Group is an industry mainstay, perennially ranked among the top practices in the country by news and rankings agencies such as Thomson Reuters. Attorneys in the Group serve as bond counsel, underwriter's counsel, disclosure counsel, issuer's counsel, lender and credit enhancer’s counsel, and trustee’s counsel in transactions for a wide range of clients across the country and in U.S. territories.
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