MassDevelopment’s $106.7 Million Bond Catapults Springfield College Projects
MassDevelopment has issued a $106,675,000 tax-exempt bond on behalf of Springfield College, which will use proceeds to fund several capital projects. The college will use $45,095,000 to build and equip a new environmentally friendly and sustainable, 76,000-square-foot health sciences building; this portion of the financing received the Green Bond designation by Kestrel Verifiers, which are approved verifiers accredited by the Climate Bonds Initiative. The college will use the remaining proceeds to build an academic quad and campus pavilion; renovate classrooms, residence halls, administrative buildings, and the existing health sciences building; improve a steam-plant facility; upgrade walking and running paths and outdoor seating; and refinance previously issued debt. The bond was sold through a public offering underwritten by Hilltop Securities Inc.