Bond Series: 2015 Series A
Closed: August 6, 2015
Bond Size: $15,750,000
Purchaser: People’s United Bank
Interest Rate: Fixed rate, 2.8508%
Final Maturity: 2035
Purpose: The bonds will be used to: i) refund Porter’s outstanding $12.65 million 2006-A hospital bonds; ii) refund Porter’s outstanding $3.10 million 2000-A nursing home bonds; and iii) pay for issuance costs related to the financings.
Project Benefit: The financings are expected to save the Porter Medical Center $2.41 million over the life of the bonds. The 2015 bonds will also reduce the Center’s variable interest rate exposure, eliminate remarketing risk and the risk of a downgrade to the Letter of Credit provider.