University of Vermont Medical Center

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

Underwriter: Citigroup

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.