City of New Britain, CT
On May 15, 2018, Mesirow Financial ("MFI") served as sole manager of the $91,645,000 Taxable General Obligation Refunding Bonds, Series 2018 (the "Bonds") issuance for the City of New Britain, Connecticut (the "City"). The offering consisted of taxable fixed rate serial bonds maturing in 2027 through 2033 and two term bonds with a final maturity in 2036 and 2039 with a 10-year optional par call.
Mesirow Financial was engaged by the City to evaluate debt restructuring options and provide an optimal solution. MFI structured the transaction to take advantage of the temporary state legislation, which permits municipalities to restructure their debt and create level annual payments. Mesirow Financial also structured the transaction to be comprehensive, reshaping the debt profile of the City and creating manageable annual debt service payments. The structure of the Bonds was well-received by credit rating agencies, as both S&P Global Ratings and Fitch Ratings affirmed their outstanding rating for the City of "A+" and "A-", respectively, both with 'Stable' outlooks.
MFI's pre-marketing efforts, which included the preparation of a recorded investor roadshow presentation, resulted in strong investor participation and demand for the City's Bonds on the sale date. This debt restructuring demonstrates Mesirow Financial's ability to provide innovative and thoughtful strategies, as well as superior execution, to our public sector clients.