Bond Series: 2016 Series A
Closed: June 1, 2016
Bond Size: $18.74 million
Credit Rating: Not Rated
Credit Enhancement: None
Purchaser: Peoples United Muni Finance
Interest Rate: 2.577%
Final Maturity: 2034
Purpose: The bonds will be used to: i) refund North Country Hospital’s outstanding 2007-A bonds; and ii) pay for issuance costs related to the financing.
Project Benefit: The Hospital will realize economic savings from the refunding. The loan will amortize over 18 years, but have a 10-year bank put. The refunding will allow NCH to lock in favorable loan terms for ten years and reduce its remarketing and bank exposure risks.