Rhode Island Infrastructure Bank (Infrastructure Bank) today announced the refinancing of Clean Water State Revolving Fund and Drinking Water State Revolving Fund bonds, with a principal value of $153.8 million.  The transactions will generate $7.8 million of savings for 26 municipalities and utilities.


“Through proactive balance sheet management, the Infrastructure Bank monitors interest rate environments to identify opportunities to lower our cost of borrowing,” said Jeffrey R. Diehl, CEO of Rhode Island Infrastructure Bank in a press release. “By refinancing existing debt at lower interest rates, we can provide savings to our customers and maximize the amount of capital available to finance additional infrastructure projects.”

The refinancing of Drinking Water and Clean Water State Revolving Fund bonds is part of a strategic effort by the Bank to take advantage of low interest rates and provide financial savings to customers. This past July, the Bank completed a refinancing for Drinking Water State Revolving Fund bonds, which generated more than $550,000 of cash-savings for borrowers. In 2019, the Bank has created $8.4 million of cash-savings for borrowers.

“Ensuring that Rhode Islanders have access to, and can afford, clean water is core to the Infrastructure Bank’s mission and is important to every one of us,” said Rhode Island General Treasurer Seth Magaziner in a press release. “This refinancing of clean water debt will help Rhode Island cities and towns save millions of dollars, which can be used to create additional economic opportunity; so that Rhode Island remains a great place to work and live.”

Over the last five years, the Bank has provided $33.4 million in savings to borrowers by refinancing existing debt at lower interest rates.

Borrower Savings Summary
BorrowerClean WaterDrinking WaterTotal
Bristol96,590 96,590
Burrillville Sewer Commission25,827 25,827
Coventry84,685 84,685
Cranston332,415 332,415
Cumberland Water168,688168,688
East Greenwich21,652 21,652
East Providence193,833309,493503,326
Jamestown8,338 8,338
Johnston1,155 1,155
Lincoln Water Commission 10,25710,257
Middletown8,096 8,096
Narragansett6,723 6,723
Narragansett Bay Commission1,998,023 1,998,023
Newport48,7061,601,3391,650,045
North Kingstown149,745149,745
Pascoag Utility District 29,90729,907
Pawtucket Water Supply Board271,667271,667
Providence Water111,931472,871584,802
RI Airport Corp.817,845 817,845
Smithfield110,689 110,689
South Kingstown911 911
Warren2,723 2,723
Warwick Sewer Authority263,061 263,061
West Warwick18,879 18,879
Westerly3,959 3,959
Woonsocket654,67924,129678,808
Total Borrower Savings:$4,810,718$3,038,096$7,848,814

More From What’s Up Newp

Ryan M. Belmore

Ryan M. Belmore is the Owner & Publisher of What's Up Newp. Ryan is a member of Local Independent Online News (LION) Publishers and serves on the Board of Directors for Fort Adams Trust and Lucy's Hearth. Send questions, tips, and story ideas to Ryan@whatsupnewp.com.