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Rhode Island Infrastructure Bank Refinancing Saves Taxpayers $6 Million

PROVIDENCE, RI – The Rhode Island Infrastructure Bank has refinanced $47 million in Water Pollution Control bonds, realizing $6 million net present value in savings. A portion of the savings will be returned to borrowers, including 13 communities and the Narragansett Bay Commission. The remaining savings will be used to support the Bank’s projects, including reinvestment in infrastructure projects across the state.

The Infrastructure Bank refinanced the bonds in order to take advantage of lower interest rates. The bonds, which have 11 and 12 year maturities, were rated AAA by both Standard & Poor’s and Fitch.

“This successful refinancing reflects the confidence of the market in our agency’s financial strength,” said Merrill W. Sherman, Board Chair of the Rhode Island Infrastructure Bank.

“In addition to lowering costs to local communities, this refinancing better positions the Infrastructure Bank to support Governor Gina Raimondo’s economic development and jobs initiatives,” she continued.  She also thanked General Treasurer Seth Magaziner, a member of the Agency’s Board of Directors, for his support.

In July 2015, legislation signed by Gov. Gina Raimondo established the RIIB and expanded its programs, which now include commercial and residential Property Assessed Clean Energy programs (PACE). Other new programs include the development of the Efficient Buildings Fund, intended to provide low cost financing for energy efficiency and renewable energy projects in public buildings around Rhode Island, and the creation of a Brownfields remediation revolving fund. The Infrastructure Bank will continue to work with state and federal governmental partners in the development and administration of its programs.

JP Morgan served as Senior Managing Underwriter.  T.D. Securities was Co-Senior Manager and Roosevelt & Cross, Oppenheimer and Ramirez and Co. were Co-Managing Underwriters.

Rhode Island Infrastructure Bank (“RIIB”), formerly known as the Rhode Island Clean Water Finance Agency, is a quasi-public agency which serves as the financial administrator of the Clean Water and Drinking Water State Revolving Funds. The Bank issues bonds, the proceeds of which are used to provide low cost financing to Rhode Island’s municipalities and sewer and water utilities for infrastructure projects to enhance the waters of the State. Recently enacted legislation changed the name of the agency and expanded its powers to administer newly created programs for energy efficiency and renewable energy projects in public, commercial, and residential properties. For more information visithttp://www.riinfrastructurebank.com/

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