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On July 11, 2023, the Massachusetts State College Building Authority (MSCBA) received competitive bids on a series of new money and refunding bonds. Masterson Advisors LLC, a majority women-owned firm, served as the Financial Advisor. Hinckley, Allen & Snyder, LLP served as bond counsel. The Bonds have a scheduled closing date of July 20, 2023.
Raymond James & Associates, Inc. was the winning bidder for the Series 3) Project and Refunding Revenue Bonds (the “Series 3 Bonds”) with a final True Interest Cost (“TIC”) of 3.92821% The Series 3 Bonds will fund a new Learning and Resource Center at Bunker Hill Community College and refund certain bonds of the Authority. Fifteen bids were received for this series with TICs ranging from 3.942748% to 4.161549%.
The final par amount of this series is $36,165,000, which when combined with bond premium, will generate a $37,923,484.40 for the project fund, escrow deposit, and issuance costs. The final maturity date is May 1, 2053, and there is an optional redemption on or after May 1, 2033 at 100% of par.
The MSCBA finances, design, and constructs residential, dining, parking, athletic, cultural, health care, and other revenue-producing facilities for the Massachusetts state colleges, which include the public institutions of higher education in the state university segment and the community college segment. The authority is also authorized to provide supplemental financing for certain building projects at the state university and community college campuses owned by the commonwealth and carried out by the Division of Capital Asset Management and Maintenance.
On June 28, 2023, the Massachusetts State College Building Authority (MSCBA) received competitive bids on a series of new money bonds. Raymond James was the winning bidder for the Series 2023A Project Revenue Bonds (the “Series 2023A Bonds”) with the lowest True Interest Cost (“TIC”) of 3.40%. The Series 2023A Bonds will fund residence hall renovations at Bridgewater State University and soccer field turf replacement at the Massachusetts College of Liberal Arts. Seven bids were received for the bonds with TICs ranging from 3.40% to 3.60%. The final par amount of the Series 2023A Bonds is $4,375,000, which when combined with bond premium, will generate a $4,600,000 project fund deposit. The final maturity date is May 1, 2043, and there is an optional redemption on or after May 1, 2033 at 100% of par.
Hilltop Securities Inc. served as the Financial Advisor. Hinckley, Allen & Snyder, LLP served as bond counsel. The bonds have a scheduled closing date of July 13, 2023.
The MSCBA finances, plans, designs, constructs, and oversees the management of residence halls and student activity facilities on the nine State University campuses. The State University housing, dining, parking, athletic and campus center facility projects developed by the Authority serve 40,000 students, approximately one third of whom live in campus housing. In addition, the MSCBA is authorized to fund and implement projects for the fifteen Community Colleges.