On March 25th, the Rhode Island Health and Educational Building Corporation (RIHEBC) closed on a $98.5 million bond issue for the City of Newport to finance the construction of the new William S. Rogers High School and for an addition to the Claiborne Pell Elementary School.
“RIHEBC is proud to be the financing partner for Rhode Island’s public school districts to help meet their building facilities needs,” said Kim Mooers, Executive Director of RIHEBC in a statement.
“The $98.5 million bond issue was sold to investors at a premium of $14.4 million, generating a total of $107.5 million to pay for Newport’s new Rogers High School and the expansion of the Pell Elementary School. Newport was fortunate to sell its bonds just prior to a significant rise in interest rates and secured an all-in cost to borrow of 3% on this 25-year bond. We’re pleased to help provide this financing so the City of Newport can finance these school construction projects.”
Since 2006, RIHEBC says it has provided more than $2 billion in bond financing for public school facilities projects across Rhode Island.