RIHEBC Closes On $85 Million Bond Issue To Finance Johnston School Facilities Upgrades

PROVIDENCE, R.I. – On September 29th, the Rhode Island Health and Educational Building Corporation (RIHEBC) closed on an $85 million bond issue for the Town of Johnston. Proceeds will be used for district-wide school facility improvements covering Phase 1 of Johnston’s school capital improvement plan.

“RIHEBC is pleased to provide the Town of Johnston with bond financing for district-wide school facility repairs and upgrades,” said Kim Mooers, Executive Director of RIHEBC. “This $85 million bond issue was sold to investors at a premium of $8.5 million, generating a total of $93.5 million to pay for Phase 1 of Johnston’s school facility improvement plan. The 30-year bond has an all-in cost to borrow of 4.63%.”

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

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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