PROVIDENCE – The Rhode Island Infrastructure Bank has refinanced the Clean Water State Revolving Fund and the Drinking Water State Revolving Fund bonds, saving municipalities and utilities a combined $7.8 million, RIIB announced on Wednesday.
The principal value refinanced was $153.8 million. The savings include $4.8 million in Clean Water refinancing and $3 million in Drinking Water refinancing.
“Through proactive balance-sheet management, the Infrastructure Bank monitors interest rate environments to identify opportunities to lower our cost of borrowing,” said CEO Jeffrey R. Diehl. “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 Narragansett Bay Commission was the largest beneficiary of the refinance, saving $2 million in savings on the Clean Water bond refinance, followed by Newport, which will save $1.7 million, primarily due to savings on the Drinking Water bond refinance.
Overall, 26 municipalities and entities will save money due to the refinancing.
