Greenwich to Sell $120 Million in Debt for School, SewerMeenal Vamburkar
The hedge-fund haven of Greenwich, Connecticut, is selling $120 million of top-rated debt tomorrow to pay for school renovations and other town improvements.
The issue includes $80 million of short-term borrowing, its second-largest offering of notes, data compiled by Bloomberg show. The town of about 62,000 people northeast of New York is also selling $40 million in general-obligation bonds with maturities through 2035, though the bulk will be retired by 2020.
Greenwich, home to funds such as AQR Capital Management, sold $85 million in one-year notes a year ago to fund projects. This week’s sale will finance Greenwich High School’s new auditorium, slated to be ready for next school year, as well as the rebuilding of a fire station and work on the sewer system.
“It’s just simply addressing the infrastructure needs,” Comptroller Peter Mynarski said in a telephone interview. “Greenwich is relatively new to the bond market.”
Moody’s Investors Service said Greenwich’s Aaa general-obligation rating reflects “abundant taxable resources, substantial wealth levels and a growing but manageable debt position.”
Greenwich has a median family income of $171,318, almost double the state level, according to U.S. Census data.