Missouri refinances millions in debt to balance its books

Missouri is planning to refinance more than $500 million of debt as part of Gov. Jay Nixon's plan to balance the state budget.

Nixon's budget proposal for the next fiscal year assumes the state will save $41 million from the debt restructuring.

The governor's budget office says the state already has refinanced $20 million of principal from the debt used to build Mizzou Arena at the University of Missouri-Columbia.

Budget director Linda Luebbering  said the state also hopes to refinance $317 million of principal from bonds issued by the Board of Public Buildings, and $175 million of principal from bonds issued by the state Board of Fund Commissioners.