In advance of its upcoming bond sale, the State of Maine today launched a new initiative aimed at attracting more investors to its municipal bond offerings.
Now publicly available at www.stateofmainebonds.com is the state's new, corporate-style investor relations site, providing a single location for investors to access information about the State's credit fundamentals.
With a retail order period on June 10, 2019, followed by an institutional order period on June 11, 2019, the State expects to sell taxable and tax-exempt General Obligation bonds to fund $161.1 million of projects. The Bonds will have a ten-year final maturity. The State is currently rated AA by S&P Global Ratings and Aa2 by Moody's Investors Service, Inc.
"With hundreds of municipal bond sales each week, we know investors have a choice about where to invest," said Henry Beck, Maine's State Treasurer. "It's our fiduciary responsibility to raise capital at the lowest possible cost and our strategic approach to investor relations will help further differentiate us from other issuers in the marketplace."
Regulators recommend a strong investor relations program for issuers. Academic research also shows improved disclosure leads to lower borrowing costs.
"We're extremely proud to partner with the State of Maine," said Colin MacNaught, co-founder and CEO of BondLink, which powers the state's investor relations site. "Sophisticated issuers like Maine understand a commitment to transparency and ongoing disclosure can increase demand, optimize long-term relationships with the buy-side, and help improve bond pricing."
About the State of Maine The Office of the Treasurer of State is established in Article V, Part Third of the Constitution of the State of Maine. The core duties of the Treasurer's Office are debt management, cash management, trust fund administration and unclaimed property administration. Other major tasks assigned to the Treasurer are directorships on many of Maine's quasi-governmental debt issuing agencies and distributions under the Municipal Revenue Sharing Program.
About BondLink Led by founders Colin MacNaught, CEO, and Carl Query, CTO, BondLinks cloud-based investor relations platform provides efficiencies to issuers and investors in the $4 trillion municipal bond market. Since the launch of its first investor platform two years ago, BondLink has expanded its network across more than 25 states, as well as the District of Columbia and the U.S. Virgin Islands.
This is not an offer to sell nor a solicitation of an offer to buy Bonds. Any offer or solicitation with respect to Bonds will only be made by means of the preliminary official statement, which may be accessed at www.stateofmainebonds.com, or a final official statement, when available. Bonds may only be purchased through a broker.