Massachusetts Agency to Sell $158.4M of Revenue Bonds for Suffolk University

Dow Jones

2025/04/30

By Stephen Nakrosis

The Massachusetts Development Finance Agency will sell bonds for Suffolk University so it can acquire a building that will used as student housing.

The Suffolk University Issue Series 2025 revenue bonds will total about $158.4 million, according to documents posted Tuesday on MuniOS. The bonds are expected to price on May 8 and the deal is expected to close May 20.

Money from the sale will be primarily used to purchase, renovate, furnish and equip a building at 101 Tremont Street in Boston. The university plans to convert the office building into at 280-bed student residence hall. Proceeds will also be used for capital improvements, and refund, defease and cancel some existing debt.

Interest will be paid semi-annually starting on Jan. 1, 2026. The serial bonds mature from 2039 through 2045, and the term bonds in 2050 and 2055, although that is subject to change.

The bonds will be secured by a lien upon the university's tuition receipts and tuition receivables.

Founded in 1906, Suffolk's main campus is located in downtown Boston, adjacent to the state house. The school owns 10 properties and had a total enrollment of 6,103 as of last fall, according to the roadshow document.

The bonds are rates Baa3 by Moody's, and BBB- by Fitch Ratings.

Morgan Stanley is listed as the offering's lead manager.

Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

April 29, 2025 19:18 ET (23:18 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.

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The bonds are expected to price on May 8 and the deal is expected to close May 20. \n\n\n  Money from the sale will be primarily used to purchase, renovate, furnish and equip a building at 101 Tremont Street in Boston. The university plans to convert the office building into at 280-bed student residence hall. Proceeds will also be used for capital improvements, and refund, defease and cancel some existing debt. \n\n\n  Interest will be paid semi-annually starting on Jan. 1, 2026. The serial bonds mature from 2039 through 2045, and the term bonds in 2050 and 2055, although that is subject to change. \n\n\n  The bonds will be secured by a lien upon the university's tuition receipts and tuition receivables. \n\n\n  Founded in 1906, Suffolk's main campus is located in downtown Boston, adjacent to the state house. The school owns 10 properties and had a total enrollment of 6,103 as of last fall, according to the roadshow document. \n\n\n  The bonds are rates Baa3 by Moody's, and BBB- by Fitch Ratings. \n\n\n  Morgan Stanley is listed as the offering's lead manager. \n\n\n \n\n\n  Write to Stephen Nakrosis at stephen.nakrosis@wsj.com \n\n\n  (END) Dow Jones Newswires\n\n\n  April 29, 2025 19:18 ET (23:18 GMT)\n\n\n  Copyright (c) 2025 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":true,"code":"91000000","status":"200"}}}