The Massachusetts Industrial Finance Agency announced last week that it has issued over $9.8 million in tax-exempt bonds to assist two Boston-area women's colleges.
The two institution, Radcliffe College and Regis College, will use the funds for expansion and renovation projects, according to Joseph D. Blair, the agency's executive director.
Radcliffe's portion of the loan, $3.7 million, will be used to renovate campus facilities and refinance a 1985 loan from the Massachusetts Health and Educational Facilities Authority.
The tax-exempt bonds will allow the college to convert the outstanding variable-rate bonds into a long-term fixed interest rate debt at current interest rates.
"With MIFA's assistance, Radcliffe was able to take advantage of a low, long-term fixed interest rate," said Nancy Dunn, financial vice president and treasurer of Radcliffe College, in a release, "Randcliffe will save over $200,000 in debt payments over the 13-year bond term."
Regis College will use $6.12 million to complete the construction of a 40,000-square-foot arts center.
"Education is one of the most important sectors of the Massachusetts economy, and we are pleased to help these institution obtain low-cost financing to grow," said Mr. Blair.
The two schools currently employ over 340 people in Massachusetts.