R.I. Health & Educational Building Corp. Sold More Than $1 Billion in Bonds in FY17
Wednesday, July 19, 2017
The Rhode island Health and Educational Corporation (RIHEBC) has sold over $1 billion in financing in a single fiscal year for the first time in its 50-year history.
During Fiscal Year 2017, which ended June 30, RIHEBC provided $1.02 billion in financing to eight healthcare and educational institutions, 12 municipalities, and 3 regional school districts. The financing provided $777.5 million to refinance prior debt and $242.5 million for new construction projects.
“While the total amount of financing provided by RIHEBC is significant, it is more significant that the financings provided over $100 million in debt service savings for the institutions and municipalities and created thousands of jobs with new construction projects in the State,” said Richard A. Sinapi, Chairman of the Board of RIHEBC.
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RIHEBC assisted Lifespan and Care New England, the state’s two major hospital networks, refinance their prior bond debt. Other refinancing assistance was provided to the University of Rhode Island, Saint Antoine/the Frassati Home, New England Institute of Technology, Brown University, the communities of Woonsocket, Cranston, Cumberland, North Smithfield, Tiverton, Scituate, Narragansett, and the Regional School Districts of Bristol Warren, Exeter West Greenwich, and Foster Glocester.
As for the financing for new construction projects, over $119 million was provided for school construction projects in Barrington, Cranston, Middletown, Newport, Pawtucket, Tiverton, and Warwick.
RIHEBC also assisted with $123.5 million in financings for new construction projects at Providence College, Roger Williams University, University of Rhode Island, and Brown University.
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