Bond Series: 2015 Series A (Green) Bonds
Closed: November 10, 2015
Bond Size: $18,645,000
Credit Rating: Moody's: Baa1; S&P: BBB+
Purchaser: Public Placement
Underwriter: Morgan Stanley
Interest Rate: Fixed Rate
Final Maturity: 2042
Yield: 3.738%
Purpose: The bonds will be used to: i) finance the construction and equipping of a new 188-bed, 56,000 square foot residence hall located on the College’s main campus; and ii) pay for issuance costs related to the financing.
Project Benefit: The College believes that the new residence hall will improve the residential living experience for upper classman and assist with student recruitment and retention.
Economic Benefits: St. Michael’s College estimates the project will bring over $15 million into the local economy in construction dollars alone, with 85% of the total being spent on local contractors, vendors and suppliers. The College has designated the 2015 Series A bonds as “Green Bonds”. The new student housing will be built using sustainable building practices, designed with an energy efficient building envelope, energy efficient building controls and will use an advanced geothermal energy system, making the building "almost entirely emission and carbon free".