Toronto issues fourth debenture
Oct. 27, 2020
Global Korean Post
The City of Toronto is reopening one of its recently settled debenture offerings for an additional $250 million to help finance critical capital projects. This is the City’s fourth public debenture issuance this year and the lowest 30-year term rate the City has ever issued with an all-in cost of 2.436 per cent.
This conventional bond issue, which is a reopening of a 30-year maturity with a coupon interest rate of 2.80 per cent, will mature on November 22, 2049. This reissuance brings the bond’s outstanding amount to $600 million.
The proceeds from this issuance will be used to fund the completed portion of the approved capital projects from several City divisions and agencies, such as:
- Transportation Services
- Toronto Paramedic Services
- Facilities Management
- Economic Development and Culture, and
- Exhibition Place.