PROVIDENCE – The R.I. General Treasurer’s Office estimates it has saved $7.2 million through a recent restructuring of debt.
The treasurer, Seth Magaziner, says the state refunded about $70 million in state debt to take advantage of more favorable interest rates, resulting in the savings.
“Rhode Islanders deserve to know that they have an advocate in state government who is making sure that public borrowing is done responsibly and affordably,” Magaziner said. “I created Treasury’s Office of Debt Management to make sure we are taking advantage of opportunities to save money and implement responsible borrowing practices throughout the state.”
The debt restructuring reduced the outstanding principal from $70.4 million to $66.9 million, according to a press release.
