Transaction Overview

Janney Montgomery Scott served as senior manager for Rhode Island Health and Educational Building Corporation’s $87,805,000 Public Schools Revenue Bond Financing Program, Revenue Bonds, Series 2024 C (City Pawtucket Issue). This issue carries underlying ratings of “Aa3” and “AA” from Moody’s and Fitch, respectively. The bonds hold an insured rating of “AA” from S&P under a bond insurance policy from Assured Guaranty. The bonds were issued to refund the City of Pawtucket’s (the “City”) Series 2024 General Obligation Bond Anticipation Notes and finance the construction, renovation, improvement, alteration, repair, furnishing and equipping of schools and school facilities in the City. The bonds will also finance the City’s portion of the unified high school project and capitalized interest. The transaction closed on August 6, 2024.

About RIHEBC and the City of Pawtucket

Rhode Island Health and Educational Building Corporation is a quasi-public agency that assists the state’s healthcare and private and public educational institutions in gaining access to low-cost financing for facilities construction and renovation.

The City of Pawtucket is the fourth largest municipality in Rhode Island with a population of 75,604, according to the 2020 census. The City’s population is expected to grow 1.0% over the next five years, faster than the Providence-Warwick metropolitan area. The City’s land area extends 8.64 square miles and borders the capital city of Providence.