RIHEBC Closes On $139 Million Bond to Finance Construction of New Pilgrim & Toll Gate High Schools

The Rhode Island Health and Educational Building Corporation (RIHEBC), the state’s largest provider of bond financing for health and educational institutions, has closed on a $139,580,000 bond issue for the City of Warwick. Proceeds will be used to finance the construction of the new Pilgrim and Toll Gate High Schools.

The 25-year Series 2025 Bonds achieved an all-in interest rate of 4.325% and were rated AA- by S&P.

“RIHEBC is proud to continue our long-standing partnership with Warwick as the City makes this historic investment in two brand new, state of the art high school facilities,” said Dylan Zelazo, Executive Director of RIHEBC. “By facilitating this financing for the new Pilgrim and Toll Gate High Schools, we are helping ensure that Warwick students have access to the modern, safe, 21st-century learning environments they deserve to reach their full potential.”

This issuance builds upon RIHEBC’s ongoing support for Warwick’s educational facilities. Since 2013, RIHEBC has closed on a total of more than $180 million in bond financings for school improvement projects across the district.

“The City of Warwick is extremely grateful to RIHEBC for their continued partnership and assistance in our quest to improve the quality of our educational facilities,” said Mayor Frank J. Picozzi.