Bond Series: 2016 Series A
Closed: February 3, 2016
Bond Size: 176,375,000
Credit Rating: Moody's A3; S&P A- & Fitch A-
Credit Enhancement: None
Interest Rate: Fixed rate, 3.0% to 5.0%
Final Maturity: 2036
Yield: 0.60% to 3.64%
Purpose: The bonds will be used to: i) refund UVMC’s 2004 Series B bonds and 2007 Series A bonds; and ii) pay for issuance costs related to the financing.
Project Benefit: The refunding will generate substantial interest expense savings over the remaining life of the bond series.
Economic Benefits: The refunding will generate an estimated $14.8 million (7.70%) in net present value savings.