RIHEBC Closes On $19.5 Million Bond Issue to Finance District Wide Repair and Renovation Projects for Portsmouth Schools

PROVIDENCE, R.I. – On June 28, the Rhode Island Health and Educational Building Corporation (RIHEBC) closed on a $19.51 million bond issue for the Town of Portsmouth to finance district wide repair and renovation projects for the Portsmouth School Department.

“We’re pleased to provide Portsmouth with bond financing to allow the Portsmouth School Department to complete district-wide school repair and renovation projects,” said Kim Mooers, Executive Director of RIHEBC. “The $19.51 million bond issue was sold to investors at a premium of $1.28 million, generating a total of $20.79 million to pay for school facilities projects. Portsmouth was fortunate to sell its bonds prior to a significant rise in interest rates and secured an all-in cost to borrow of 3.5% on this 23-year bond.”

Since 2006, RIHEBC has provided more than $2 billion in bond financing for public school facilities projects across Rhode Island.

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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