Chattanooga's electric utility expects to save $25.2 million in interest expenses in coming years through a refinancing issue priced Tuesday.
EPB, which enjoys as high of a bond rating as any government-owned utility in the U.S., expects the bond pricing will yield a present-day value savings of $19.8 million.
The issue, priced on Wall Street on Tuesday and presented to the EPB's board today, will also yield $25.9 million in new money for capital projects this year, priced at 3.65 percent.
"Overall, it was a a very successful issue and I'm pleased with the results," said Dan Hartman, managing partner for utility financing at PFM.
The bonds are scheduled to close Aug. 18.
EPB issued three series of bonds to refund existing debt at today's more attractive rates than the current average rate of 4.38 percent.