MassDevelopment Issues Bond to Support Mount Holyoke College Plan
SOUTH HADLEY — MassDevelopment has issued a $154,750,000 tax-exempt bond on behalf of the trustees of Mount Holyoke College, who will use bond proceeds to make investments in its campus, with the goal of ensuring accessibility for all and sustainability for years to come.
Mount Holyoke’s campus renewal will respond to the existing needs of the college community and continue both its transition to geothermal energy and its residence hall renovations. The college’s geothermal exchange project, already in progress, includes the drilling of geothermal exchange wells and the purchase of heat pumps and related energy equipment.
The institution will also use bond proceeds to fund other strategic improvement projects on its campus, such as renovations to its residence halls and key academic buildings, as well as refinance previously issued debt. The tax-exempt bond, purchased by TD Bank, helped the borrower achieve a lower cost of capital.
“This is an investment in the future of Mount Holyoke College as a leading academic institution and contributor to the Western Massachusetts economy,” said Economic Development Secretary Eric Paley, who chairs MassDevelopment’s board of directors. “Schools like Mount Holyoke play a critical role advancing our state’s workforce, and we look forward to seeing how this campus renewal project creates a more modernized, sustainable place for students to live, learn, and discover.”
Carl Ries, vice president of Finance and Administration at Mount Holyoke College, added that “the new bond will help fund MHC’s bold, multi-year comprehensive campus plan. We are consistently ranked as one of the most beautiful college campuses in America. The college is building upon that legacy by elevating our instructional and academic halls and classrooms, renovating our residence halls, and replacing our 100-year-old fossil fuel heating system with an efficient, scalable, and modern infrastructure. This is an investment in our campus, our students, and the Western Massachusetts community.”
