PNC arranges $13 million FHA-insured Build America Bond (BAB)

PNC has completed one of the first FHA 242-insured, draw-down Build America Bond (BAB) transactions for Wills Memorial Hospital. The $13 million renovation and expansion financing was structured using an FHA-insured mortgage enhanced by Ginnie Mae securities as a source of payment for the Build America Bonds (BABs). The BABs carry a 5.01% fixed interest rate during construction and 25-year amortization period.