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Issuer Type: Pool/Bond Bank/Conduit
Drinking Water Fund - State Revolving Funds
Clean Water Fund - State Revolving Funds
Municipal Road and Bridge Fund - Revolving Funds
Efficient Buildings Fund - Revolving Funds
Efficient Buildings Fund - Green Bond Evaluation
Clean Water Fund - State Revolving Fund
On behalf of Rhode Island Infrastructure Bank, I would like to welcome you to our investor relations portal. We appreciate your interest and investment in bonds issued by the the Bank, as it allows us to make critical investments in public infrastructure throughout Rhode Island. We are committed to maintaining our strong bond ratings and providing transparency to the investor community and public at large.
I hope you find the information included on our BondLink page useful as you seek to better understand the credit fundamentals of the Bank. Please do not hesitate to contact our office with suggestions for how we can be doing better. Thank you again for your interest in our Bank and our bond issues.
Jeffrey R Diehl, Executive Director and CEO
Rhode Island Infrastructure Bank (Infrastructure Bank) is proud to announce the closing of a Clean Water State Revolving Fund and Drinking Water State Revolving Fund bond refinancing transaction, 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. “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. “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.
Rhode Island Infrastructure Bank is providing $350,000 in financing for drinking-water system improvements at the Four Seasons Mobile Home Cooperative Association in Tiverton, the Providence-based bank announced.
The financing was made possible through the bank’s Drinking Water State Revolving Fund. The principal “forgiveness” loan will allow Four Seasons to improve the safety and quality of residents’ drinking water without compromising the cooperative’s finances, the bank said.
Rhode Island Infrastructure Bank is pleased to announce that it has become a signatory to the Green Bond Pledge. In doing so, the Bank is reinforcing its commitment toward financing projects that directly account for environmental impact and climate risk.
The Green Bond Pledge asserts that when applicable, bonds financing long-term infrastructure and capital projects will address environmental impacts and climate risk. The Pledge calls on signatories (cities, county and state governments, and corporations) to incorporate resilient and sustainable solutions when planning, designing and building/rehabilitating infrastructure assets. By adhering to the core tenets of the Pledge, signatories ensure that both communities and investors will be positioned to “withstand the 100-year storm”.