Northern Kentucky Water District bond refunding to save $10.1 million, debt will be retired sooner

The Northern Kentucky Water District (the “District”) is pleased to announce that $41,905,000 of refunding revenue bonds was sold on November 2, 2016.

The sale was approved by the District’s Board of Directors at the May 19, 2016 board meeting.  The proceeds from the sale of the bonds will be used to refinance two of the District’s outstanding bond issues and will result in debt service savings of over $10.1 million over the life of the issue.

“The District continually reviews our outstanding financial obligations to determine if there are any opportunities to realize debt service savings for the system,” said Ron Lovan, President / CEO of Northern Kentucky Water. “Our continued fiscal discipline and recently affirmed Aa3 credit rating from Ron Lovan allowed us to take advantage of lower interest rates in the capital markets.”

The new bonds will be retired two years earlier, in 2031 instead of 2033.

Northern Kentucky Water District