RIHEBC Closes On $15 Million Bond to Finance Utility System Upgrades at University of Rhode Island

PROVIDENCE, R.I. – On June 15th, the Rhode Island Health and Educational Building Corporation (RIHEBC) closed on a $15,440,000 bond issue for the University of Rhode Island to finance the engineering and construction of upgrades and component replacements to five municipal-level utility systems at the school’s Kingston Campus.

“RIHEBC has been helping the University of Rhode Island meet their facilities needs for decades, and we are pleased that this $15,440,000 bond will provide the financing they need to upgrade key utility systems on their Kingston Campus,” said Kim Mooers, Executive Director of RIHEBC. “The 20-year bond’s all-in cost to borrow was 4.13% and was rated by Moody’s (Aa3) and S&P (A+).”

“Ensuring our campus facilities are meeting the needs of our students, faculty, and community means regular investment, and this RIHEBC bond financing will allow us to make needed upgrades to our Kingston Campus utility systems,” said Abby Benson, Interim Vice President for Administration and Finance. “URI appreciates RIHEBC’s longtime partnership, which has allowed us to meet our educational mission through continual investment in our facilities and campus.”

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About RIHEBC

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