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Home > Leadership > City Comptroller > Press Releases > Schroeder saves $11 million in latest debt refinancing

Schroeder saves $11 million in latest debt refinancing

In less than a year, Schroeder has saved $62 million by refinancing old debt

Buffalo Comptroller Mark J.F. Schroeder’s refinancing of school reconstruction debt will save more than $11 million in interest costs, the latest of six refinancing deals since last April, totaling more than $62 million in savings.

 “Over the past year, we have been able to take advantage of market conditions and the city’s improved bond rating to  save taxpayers a great deal of money,” said Schroeder.  “The less money we spend on interest costs, the more we can spend on providing services to our citizens and making capital improvements to our city.”

The refinancing of 2009 debt from the Buffalo Schools Reconstruction Project reduced interest rates by more than two percentage points, from 5.61 percent to 3.32 percent.  Schroeder was expecting to save $9.8 million on the refinancing, but by the time the deal was finalized, the total savings jumped to more than $11.1 million. 

Last week, Schroeder sold a bond that saves taxpayers $807,394 by refinancing debt from 2004, dropping interest rates from 5.46 percent to 2.96 percent.  A refinancing of the school reconstruction debt last April resulted in savings of $27.9 million, while three other refinancing deals in 2012 yielded more than $22.2 million in savings.