Williamstown, MA – MassDevelopment has issued a $105,820,000 tax-exempt bond on behalf of the president and trustees of Williams College. The organization will use bond proceeds to finance several projects on the college’s campus, including building and equipping a new art museum and multipurpose recreation center, implementing the college’s energy and carbon master plan, renovating and equipping dormitories and dining facilities, reimbursing the college for costs incurred to build and equip the Davis Center, and completing other miscellaneous capital projects.
Founded in 1793, Williams College is the second-oldest institution of higher education in Massachusetts. The campus is home to approximately 2,100 students. The bonds were sold through a public offering with Goldman Sachs & Co. LLC serving as lead underwriter and B of A Securities, Inc. and Samuel A. Ramirez & Co., Inc. serving as co-managers.
Williams College’s Museum for Art / Rendering courtesy of Williams College
“Our colleges and universities drive Massachusetts forward by advancing knowledge, empowering our future workforce, and supporting local economies,” said MassDevelopment deputy director and senior executive vice president, Marcos Marrero. “MassDevelopment is pleased to help schools like Williams College access low-cost, tax-exempt financing to build out or renovate their campuses in support of students and faculty.”
“The college is an important part of the town and a valuable asset for our community,” said Williamstown town manager, Robert Menicocci. “We are pleased to see the college’s continued investment in these past and future projects which will benefit both the college and the community as a whole.”
Williams College president, Maud S. Mandel, said, “From our new art museum and multipurpose recreation building, to commencing campus decarbonization efforts, the new bond issue will fund work that supports our educational mission, fuels employment and benefits the culture, economy and people of western Massachusetts. MassDevelopment’s program is helping us manage costs while investing in academic excellence, so that Williams can remain affordable to talented students from all backgrounds.”
