Infrastructure Bank to Sell State Revolving Fund Refunding Revenue Bonds
PROVIDENCE, RI – Rhode Island Infrastructure Bank (the Bank) announced today that it is offering $127.965 million* of State Revolving Fund Refunding Revenue Bonds (Federally Taxable) on August 17, 2021, which are expected to be delivered on September 1, 2021.
The bonds will be offered via negotiated sale with Raymond James and Hilltop Securities serving as the senior manager and municipal advisor, respectively, for the transaction. The bonds are rated “AAA” by both S&P Global Ratings Services and Fitch Ratings.
“Our funding optimization strategy together with the current interest-rate environment presents a unique opportunity for the Bank to refinance some of our existing debt and deliver substantial savings to our clients” said Jeffrey R. Diehl, Executive Director and Chief Executive Officer of the Bank. “In undertaking the refunding, we anticipate providing upfront cash payments of approximately $6.2 million to 25 borrowers that utilized our clean and drinking water programs. These savings will help accelerate investment in other eligible clean or drinking water projects.”
Additional information about the upcoming deal, the Bank’s previous projects, and more can be found at www.riibbonds.com, an investor relations platform powered by BondLink.
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*Preliminary and subject to change. The size, timing, and structure of the anticipated transaction remain subject to market conditions and the Bank reserves the right to change or modify its plans as it deems appropriate. The Bank is under no obligation to pursue any transaction, any particular structure, or issuance of any bonds. There is no guarantee any contemplated transaction or structure will be completed.
To receive more information, please contact your financial advisor or broker. This press release is not an offer to sell or a solicitation of an offer to buy bonds. Bonds may only be purchased through a registered broker. Carefully review the preliminary official statement.
About Rhode Island Infrastructure Bank
Rhode Island Infrastructure Bank is Rhode Island’s central hub for financing infrastructure improvements for municipalities, businesses, and homeowners. We leverage capital in a revolving fund to offer innovative financing for an array of infrastructure-based projects including water and wastewater, road and bridge, energy efficiency and renewable energy, stormwater and resiliency and brownfield remediation. These quality-of-life projects improve the State’s infrastructure, create jobs, promote economic development, and enhance the environment. For more information, please visit www.riib.org.
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