PROVIDENCE, R.I. – The Rhode Island Health and Educational Building Corporation (RIHEBC) announced the issuance of $20 million in Educational Facility Revenue Bonds on behalf of St. Andrew’s School. The tax-exempt bonds closed on October 31, 2018, and will be used to finance capital projects at the School’s campus in Barrington, including a 40-bed student residence hall, a 12-unit faculty housing facility, and the renovation and equipping of other existing school facilities located on the campus. In addition, proceeds of the bonds were used to refund the School’s RIHEBC Series 2013 bond issue.
The School, just 10 miles outside of Providence, was founded in 1893 by Reverend William Merrick Chapin as St. Andrew’s Industrial School and became a self-sustaining community. Today, the School has evolved into a college-prep day-boarding school with current enrollment of 223 students and a campus consisting of 70 -plus acres and 33 building facilities.
RIHEBC is Rhode Island’s largest municipal and non-profit financing entity, with more than $8.7 billion in bonds issued over the past 52 years.
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About The Rhode Island Health and Educational Building Corporation
The Rhode Island Health and Educational Building Corporation (RIHEBC) mission is to assist eligible borrowers to secure funding for capital projects, especially tax-exempt debt financing. Eligible borrowers include municipalities, public school districts, and public and private nonprofit educational and healthcare organizations. RIHEBC endeavors proactively to develop cost-effective, efficient, and user-friendly financing programs. RIHEBC provides borrowers access to high quality professional and technical resources, including staff expertise and assistance. For more information visit www.rihebc.com.