Press Release: RIHEBC Provides More Than $830 Million In FY 2024 Bond Financing

For Immediate Release: July 23, 2024

PROVIDENCE, RI – The Rhode Island Health and Educational Building Corporation (RIHEBC) has announced that it closed on 12 bond financings and refinancings totaling more than $830 million in FY 2024.

“RIHEBC had a big impact in FY 2024, providing more than $830 million in bond financings,” said Dylan Zelazo, Executive Director. “From $300 million to allow Lifespan to upgrade Miriam and Rhode Island hospitals, to $130 million for facilities upgrades at Bryant University, to $290 million for public school facilities projects across the state, we are helping our state’s health and educational institutions invest in their facilities and meet their missions.”

“Our performance in FY 2024 once again demonstrates RIHEBC’s commitment to serving our state’s health care, educational, and non-profit cultural organizations who are investing in their facilities,” said Board Chair Channavy Chhay. “In addition to our bond financing, we were also pleased to have made over $500,000 in low-cost loans to smaller Rhode Island organizations including the Rhode Island Computer Museum, Higher Ground International, and Justice Assistance to upgrade their facilities.”

FY 2024 Bond Issuances:

Town of Cumberland
$74,125,000
Refunding
Construction and renovation of school facilities across the district.

Brown University
$96,535,000
Refunding
Refunding of Brown University’s RIHEBC Series 2013 bonds. $15.5 million in net present value savings to the University.

City of Central Falls
$93,520,000
New Construction
Construction, furnishing, and ‎equipping of a new 123,844 square-foot Central Falls High School facility.

Exeter-West Greenwich Regional School District
$5,540,000
Capital Improvements
Renovation of school facilities throughout the district.

City of Warwick
$20,000,000
Capital Improvements
Renovation of school facilities throughout the district.

RI Nurses Institute Middle College Charter High School
$19,042,000
Acquisition and renovation of 132-150 Washington Street facility.

Lifespan
$300,000,000
Construction and renovation of facilities on Miriam and RI Hospital campuses; acquisition of enterprise management system.

Child & Family Services of Newport County
$3,565,713
Refund series ’15 bonds.

City of East Providence
$76,805,000
Construction and renovation of Martin Middle School and Waddington Elementary School.

Portsmouth Abbey
$8,000,000
Construction of study space and renovation of existing facilities.

Bryant University
$132,795,000
Refund series ’21 bonds and construction and repair of leadership center, field house, residence hall, dining hall, and existing facilities.

Trinity Academy for the Performing Arts
$10,000,000
Refinance series ’19 bonds and renovations to 275 Westminster.

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About RIHEBC
Since 1966, the R.I. Health and Educational Building Corporation has provided financing for non-profit health and educational institutions in the state as well as municipalities for school projects. It has issued over $10 billion in tax exempt bonds and is the largest financing agency of the state. rihebc.com – Twitter: @RIHEBC1