PROVIDENCE – The Rhode Island Infrastructure Bank estimates it has recently saved municipal borrowers $5.9 million by refinancing outstanding debt.
The quasi-public financing group says the Providence Water Supply Board, Bristol County Water Authority and Newport will benefit from a combined $1.5 million in savings realized through refinanced bonds.
Additionally, the infrastructure bank calculates it provided $4.4 million in savings to Cranston by refinancing outstanding debt to finance a wastewater treatment system.
“Rhode Island Infrastructure Bank is considered to proactively exploring opportunities to save our customers money and reduce the cost of infrastructure investment,” said Jeffrey Diehl, CEO, in a statement. “By refinancing existing debt at lower interest rates, we can provide savings to our customers and maximize the amount of capital available to finance important infrastructure projects.”
During the last year and a half, the bank estimates it has provided $21.2 million in savings to borrowers by refinancing debt at lower interest rates.
