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Hartford, CT – Connecticut Treasurer Erick Russell announced the results of a successful $936 million State of Connecticut General Obligation (GO) Bond offering on Wednesday. The bonds will fund a variety of capital improvements and grant programs across Connecticut including $440 million for school construction and grants to educational institutions.

“Bond sales help shape the future of our state and make key investments in what we value most,” said Treasurer Russell. “This sale will fund the construction of schools, support our education system, strengthen local infrastructure, and uplift programs benefitting residents across the state. Demand from investors generated orders far exceeding the bonds offered during this sale, demonstrating Connecticut’s sustained strength in the market.”   

Of the $800 million in new money bonds, $240 million were offered as “Social Bonds” dedicated to school construction. An additional $136 million of bonds will refinance existing debt, saving taxpayers approximately $15 million over the coming decade.

About the Sale

The $800 million new money bond offering consisted of $560 million of 2024 Series F Tax-Exempt Bonds and $240 million 2024 Series G Tax-Exempt Social Bonds. In addition, $136 million of 2024 Series H Tax-Exempt bonds were sold to refund two series of outstanding callable General Obligation bonds.

Retail Order Period

Treasurer Russell gave retail investors priority on the bonds during a dedicated one-day retail-only order period on Tuesday, October 8. The state worked with a Connecticut marketing firm, Miranda Creative, to advertise the sale through print and digital media culminating in retail orders totaling $322 million, including $121 million from Connecticut investors.

Orders and Interest Cost

Despite volatility in the municipal bond market earlier in the week, the state attracted more than $2.9 billion in total orders from both retail and institutional investors, exceeding by nearly three times the amount of bonds being offered. The Social Bonds were particularly attractive to investors, securing $1.4 billion in total orders. This significant investor response is an indication of Connecticut’s growing strength in the market following multiple credit rating upgrades and positive outlooks in recent years and produced a 3.50% borrowing cost on the 20-year 2024 Series F and G Bonds and a 2.85% borrowing cost on the ten-year 2024 Series H Refunding Bonds.  These lower borrowing costs make state investments in capital improvements and grant programs more cost-effective for taxpayers.

Projects Funded

The 2024 Series F and 2024 Series G Social bonds will fund:

• $240.0 million for School Construction
• $200.0 million for Grants to Schools and Higher Education
• $112.6 million for Grants-in-Aid to Municipalities for Qualified Infrastructure Projects
• $ 68.9 million for Health Centers and Mental Health Facilities
• $ 58.4 million for Improvements to State-owned facilities
• $ 45.0 million for State Grants for Clean Water Projects
• $ 30.5 million for University of Connecticut Nursing Program Facility
• $ 15.1 million for Economic and Community Development
• $ 8.6 million for Connecticut Manufacturing Innovation Fund
• $ 6.5 million for Grants and Loans to Non-Profit Organizations
• $ 5.0 million for Crumbling Foundations Assistance Program
• $ 3.5 million for the Neighborhood Revitalization Investment Program
• $ 3.0 million for Connecticut Convention Center upgrades
• $ 2.9 million for Grants for Improvements to Ports, Harbors, and Marinas

Summary of GO Credit Ratings

Prior to the bond sale, all four credit rating agencies affirmed the State’s GO credit ratings.  Moody’s Investors Service affirmed its “Aa3” rating, with a Positive Outlook; S&P Global Ratings affirmed its “AA-” rating, with a Stable Outlook; Fitch Ratings affirmed its “AA-” rating, with a Positive Outlook, and Kroll Bond Ratings affirmed its “AA+” rating with a Stable Outlook.

Siebert Williams Shank & Co., LLC led the bond underwriting syndicate that sold the bonds, which are scheduled to close on October 23, 2024.

More information on the State’s bonding program is available at www.buyctbonds.com.

CES Boxing returns to Mohegan Sun Arena on Saturday, November 2 with "CES Autumn Classic", a stacked 13-bout card featuring Alejandro "El Abusador" Paulino (18-0, 14 KOs) taking a major step up in class as he defends his WBC US Silver Lightweight title against the dangerous Toka "T-Nice" Kahn (29-3, 19 KOs) in the main event.  

The co-feature is a grudge match as New England Super Featherweight Champion "King" Kevin Walsh and Irvin Gonzalez finally settle who is the best featherweight in New England.   

Governor Ned Lamont today announced that the Connecticut National Guard is preparing to send additional resources to North Carolina in response to a request from that state for further assistance with Hurricane Helene disaster response.

The Connecticut National Guard’s Bravo Company, 2-104^th Aviation, 1-169^th Aviation Regiment will be sending one additional CH-47 Chinook helicopter, one UH-60 Blackhawk helicopter, and an aircrew of 16 soldiers to Salisbury, North Carolina, where they will assist with moving commodities to stranded communities in the state’s western region. The two helicopters and their aircrews are scheduled to depart from the Army Aviation Support Facility in Windsor Locks, Connecticut, on the morning of Friday, October 4, 2024, and they are expected to be deployed for approximately one week.

This planned deployment comes in addition to last week’s deployment to North Carolina of two other teams from Connecticut. Those teams include a five-soldier flight crew and one CH-47 Chinook helicopter from the Connecticut Army National Guard’s 1-169^th Aviation Regiment, and an eight-member urban search and rescue team coordinated by the Connecticut Division of Emergency Management and Homeland Security. Both of those teams deployed on Friday, September 27, 2024.

“Connecticut is prepared to lead by example and deliver assistance to our neighbors during times of emergency,” Governor Lamont said. “The soldiers from the Connecticut National Guard have always been ready to respond to any crisis here in our state whenever the need arises, and I am very thankful that they have accepted this mission to help our friends in North Carolina. I look forward to their safe return.”

“I want to extend my deepest thanks to the soldiers of Bravo Company, 2-104^th Aviation, 1-169^th Aviation Regiment that have been assisting the residents and first responders of North Carolina over this past week for their incredible hard work and dedication with the disaster relief efforts,” Major General Francis Evon, the commander of the Connecticut National Guard, said. “Their courage and commitment in the face of adversity have made a true difference for those in need, and I couldn’t be more proud of what they have accomplished. As we send two more aircraft and additional soldiers to North Carolina for further assistance, I have full confidence that the Connecticut National Guard will continue to have a significant positive impact on the hurricane relief and recovery efforts. The selfless service of our Guardsmen is a testament to the strength and resilience of Connecticut’s Home Team. I thank each of them for their unwavering dedication to our mission and our nation.”

The unit is deploying under the authorization of the Emergency Management Assistance Compact (EMAC), a mutual aid system among states and territories for lifesaving resources during natural and man-made disasters. In Connecticut, EMAC is implemented by the Connecticut Division of Emergency Management and Homeland Security on behalf of the governor.

The 1-169^th Aviation Regiment’s mission is to mobilize and deploy to conduct Air Movement, Air Assault, MEDEVAC, Combat Support and Combat Service Support in support of Aviation operations throughout the designated area of responsibility. The unit is stationed in Windsor Locks at the Army Aviation Support Facility and most recently returned from a mission to Afghanistan in 2019-2020.