On March 25th, the Rhode Island Well being and Instructional Constructing Company (RIHEBC) closed on a $98.5 million bond situation for the Metropolis of Newport to finance the development of the brand new William S. Rogers Excessive College and for an addition to the Claiborne Pell Elementary College.
“RIHEBC is proud to be the financing accomplice for Rhode Island’s public faculty districts to assist meet their constructing services wants,” stated Kim Mooers, Government Director of RIHEBC in a press release.
“The $98.5 million bond situation was offered to buyers at a premium of $14.4 million, producing a complete of $107.5 million to pay for Newport’s new Rogers Excessive College and the growth of the Pell Elementary College. Newport was lucky to promote its bonds simply previous to a big rise in rates of interest and secured an all-in price to borrow of three% on this 25-year bond. We’re happy to assist present this financing so the Metropolis of Newport can finance these faculty building initiatives.”
Since 2006, RIHEBC says it has supplied greater than $2 billion in bond financing for public faculty services initiatives throughout Rhode Island.
