University of Vermont Medical Center

Bond Series: 2015 Series A

Closed: January 8, 2015

Bond Size: $23,840,000

Credit Rating:

Purchaser: Key Government Finance, Inc.

Interest Rate: Fixed rate, 2.27%

Final Maturity: 2023

Yield: 2.2702%

Purpose: The bonds will be used to: i) refund UVMC’s 2004 Series A bonds; ii) fund $1.26 million of certain capital projects; and iii) 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 on average approximately $1.03 million in annual cash flow savings, or $3.86 million in net present value savings.