Aug 6 (Reuters) - Connecticut is expected to go to investors later this month for $500 million of additional financing, a market source said on Tuesday, just weeks after the state saw its borrowing costs rise at a bond sale in late July.
The latest sale of tax-exempt and taxable bonds, expected on Aug. 14, consists of $165 million of tax-exempt general obligation Securities Industry and Financial Markets Association Index bonds and $253 million of GOs, to be priced through lead manager M.R. Beal & Co.
In addition, Loop Capital Markets will price $100 million of taxable GOs for the state.
When Connecticut borrowed $200 million from investors on July 24, it had to pay 4.5 percent to borrow a part of it for 20 years. States with top credit ratings could have borrowed for just over 4 percent.