RIHEBC Closes On $96 Million Bond Refunding For Brown University Producing $15 Million In Savings

PROVIDENCE, R.I. – On July 27th, the Rhode Island Health and Educational Building Corporation (RIHEBC) closed on a $96,535,000 bond refunding of Brown University’s RIHEBC Series 2013 bonds.

“RIHEBC has been a financing partner to Brown University for more than 50 years, and we’re pleased to return savings to the University through this bond refinancing,” said Kim Mooers, Executive Director of RIHEBC. “This $96.5 million bond refunding was sold to investors at a premium of $14.5 million, generating a total of $15.5 million in net present value savings to the University. The all-in cost to borrow was 3.3% and the bond received a rating of Aa1 from Moody’s and AA+ from S&P.

Since 1968, RIHEBC has facilitated 28 bond transactions for Brown University, providing more than $1.4 billion to help meet their facilities and other capital project needs.

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About RIHEBC

Since 1966, the R.I. Health and Educational Building Corporation 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