Schaumburg saves $25 million on convention center

The village of Schaumburg recently refinanced bonds that were sold to build the Schaumburg Renaissance Hotel and Convention Center, saving nearly $25 million, officials said.

In 2012, the village successfully refinanced $69.9 million of the outstanding bonds, saving a total of $6.6 million. This spring, the village refunded the remaining $173.9 million of the bonds, saving $18.2 million more.

During this process, the village received a credit rating upgrade to AAA by S&P and reaffirmation of its Aaa rating from Moody’s — the highest ratings awarded by both, according to the village.