RIT to benefit from bond sale

The Dormitory Authority of the State of New York approved more than $254 million in financing for education, higher education and health care. 

As part of those approvals, the board signed off on the Rochester Institute of Technology’s negotiated sale of one or more series of tax-exempt fixed and/or variable rate bonds — not to exceed $85 million — with maturities not to exceed 30 years. 

The proceeds are expected to be used for the construction of Institute Hall ($29 million), the design and construction of a green data center ($6 million), expansion of Ritter Ice Arena locker rooms ($3.8 million) and several other campus-wide improvements ($6.7 million).

Proceeds also will be used to advance refund some of RIT’s outstanding debt ($44.6 million). RBC Capital Markets is the lead manager; Squire, Sanders & Dempsey LLP will serve as bond counsel; and Edwards Angell Palmer & Dodge LLP will serve as underwriter counsel.