County refinances cost of building Gwinnett Braves' stadium - CBS46 News

County refinances cost of building Gwinnett Braves' stadium

Posted: Updated:
Gwinnett Braves stadium in the process of being built. (SOURCE: Wikipedia) Gwinnett Braves stadium in the process of being built. (SOURCE: Wikipedia)
LAWRENCEVILLE, GA (CBS46) -

Gwinnett County officials said the county will save about $14 million over the next several years after they refinanced bonds used to construct Coolray Field, home of the Gwinnett Braves.

The Lawrenceville stadium, which seats just over 10,000 people, was opened in 2009 and cost around $71.4 million to complete.

This does not increase the amount of outstanding debt for the stadium, and we are not borrowing more than we currently owe on it,” Gwinnett County CFO Maria Woods said.

She said the final maturity date of the bonds remains the same, Jan. 1, 2038.

In the refinancing, Gwinnett County will save approximately $14 million in future debt service payments by taking advantage of lower interest rates. Commissioners on Tuesday approved a resolution approving the pricing and terms. Compared to the 6.25 percent interest rate when the bonds were first sold in 2008, the new rate of 3.27 percent will reduce debt service costs by more than $600,000 annually.

The process began in November when both the Gwinnett County Development Authority and the Board of Commissioners authorized financial services staff to refund the bonds.

Since that time the bonds have been validated, County’s AAA credit rating has been affirmed, and an offering was developed and taken to market. Six bids were received from underwriters ranging from 3.27 percent to 3.74 percent. Raymond James and Associates was the low bidder, with Regions Bank servicing the bonds.

The bonds are issued by the Gwinnett County Development Authority under an intergovernmental contract with Gwinnett County government. The Development Authority approved a similar resolution on Jan. 12.

Copyright 2017 WGCL-TV (Meredith Corporation). All rights reserved.