RIHEBC Closes On $112 Million Bond Issue to Finance New Nursing and Health Science School and Residence Hall Buildings at Providence College
PROVIDENCE, R.I. – On April 26th, the Rhode Island Health and Educational Building Corporation (RIHEBC) closed on a $112,345,000 bond issue for Providence College to finance the construction of the new School of Nursing and Health Sciences building and Shanley Hall, a new 360-bed residence hall.
“RIHEBC has been a longtime partner to Providence College as the school has built out their campus, and we are proud to once again help meet their facilities needs with $112,345,000 in bond financing for their new School of Nursing and Health Sciences and Shanley Hall building projects,” said Kim Mooers, Executive Director of RIHEBC. “The 30-year bond’s all-in cost to borrow was 4.11% and was rated by Moody’s (A2) and S&P (A).”
“Our newly established School of Nursing and Health Sciences is an exciting expansion of our academic offerings, and we appreciate RIHEBC’s assistance in securing low-cost financing for the construction of this project and our new Shanley Hall residence hall,” said Fr. Kenneth Sicard, O.P., Ph.D., President of Providence College. “RIHEBC has been a tremendous partner for decades, allowing us to achieve our educational mission by investing in our facilities and campus.”
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The R.I. Health and Educational Building Corporation for the past 56 years 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