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.
Massachusetts State College Building Authority Sells Series 2023A Project Revenue Bonds
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