Bond Series: 2014 Series A & Series B
Closed: June 26, 2014
Bond Size: 2014 Series A - $15,095,000; Series B - $2,130,000
Credit Rating: None
Purchaser: TD Bank, N.A.
Interest Rate: 2014 Series A - Fixed Rate; Series B - Variable Rate
Final Maturity: 2040
Yield: 2014 Series A - 2.78%; Series B - Set annually at 69.5% of one month LIBOR plus 122 basis points
Purpose: The bonds will be used to: i) fund the construction of the Science, Technology & Innovation Center; ii) install a new athletic field; iii) fund the construction of an on-campus residence for the College President; iv) refund the College’s 2004 Series A bonds; and v) pay for issuance costs related to the financing.
Project Benefit: The construction of the new Center will help the College to advance its science, technology, engineering and mathematics curriculum. By refunding its 2004 Series A bonds, Landmark College will be able to use the refunding savings to cover the annual debt service payments for the new borrowing.
Economic Benefits: Landmark College estimates the new project will bring over twenty full-time equivalent jobs to the community during the construction phase. Once completed, four permanent positions are expected to be created – two faculty members in mathematics/computer science, one senior research position and one maintenance position.