COLUMBUS—The Columbus Metropolitan Library (CML) Board of Trustees refinanced $53 million of the library’s outstanding tax-exempt Public Library Fund (PLF) notes originally issued in 2012. The refinancing, technically termed “refunding”, takes advantage of historically low interest rates and saves the library and taxpayers more than $13 million over the next 18 years.
CML’s high bond rating, made possible by its strong financial position and financial management, contributed to the overall savings. CML is rated Aa2 by Moody’s Investors Service, Inc. The refunding was underwritten by a team led by Stifel, with Fifth Third Securities, Huntington Capital Markets, KeyBanc Capital Markets, Loop Capital Markets and PNC Capital Markets serving as co-managers.
CML completed Phase I of its aspirational building program last summer with the opening of its new Dublin Branch. In December 2012, CML issued $92.3 million in PLF Notes to help support all 10 Phase I projects. In 2016 and 2017, CML took advantage of low interest rates and refinanced a portion of the 2012 PLF Notes, saving the library – and taxpayers – nearly $1.5 million over 10 years. This current refinancing will refund the remainder of the Series 2012 PLF Notes.
