Bond Series: 2013 Series A Bonds
Closed: September 3, 2013
Bond Size: $31,350,000
Credit Rating: Not Rated
Credit Enhancement: None
Purchaser: TD Bank, N.A.
Interest Rate: Variable Rate, Tax-Exempt
Final Maturity: 2033
Yield: Variable Rate
Purpose: i) Refund portions of the Medical Center’s outstanding 2009 Series A and 2010 Series A bonds; and ii) pay for issuance costs related to the financing.
Project Benefit: With the refund, RRMC will be able to extend the bank put date and the final maturity of the bonds by three years and reduce its interest costs due to the lower credit spread.
RRMC expects a savings of over $540,000 in year one and median savings of $400,000 over the life of the bonds.
Economic Benefits: N/A