October Bond Anticipation Note (BAN) Sale Results
October 28, 2009
The Treasurer’s Office priced $14,325,000 in Bond Anticipation Notes on Wednesday, October 22, 2009 via electronic competitive bid. Nine firms bid for the notes. The winning bid was from Goldman Sachs with a real interest cost of 0.37%, or $33,850.67 over the approximately 7 month term of the loan. The transaction will close on October 29, 2009 and mature on June 15, 2010. Bond Anticipation Notes are used to provide interim financing for approved projects throughout the state’s fiscal year. The notes are repaid with proceeds from the State’s annual General Obligation bond sale in June. Projects for which this note was issued include: wastewater construction grants, renovations at University of Maine System and Maine Community College campuses and land purchases for preservation.