Massachusetts Development to sell $81.8 million Phillips Academy bonds

By Sheri Kasprzak

New York, Dec. 12 - The Massachusetts Development Finance Authority plans to price $81.8 million of series 2014 revenue bonds for Phillips Academy, according to a preliminary official statement.

The offering includes $51.57 million of series 2014A bonds and $30.23 million of series 2014B taxable bonds.

The bonds (Aaa/AAA/) will be sold on a negotiated basis with J.P. Morgan Securities LLC and Citigroup Global Markets Inc.

The 2014A bonds are due 2038 and 2043 and the 2014B bonds are due in 2043.

Proceeds will be used to finance the construction, renovation and improvement of dormitory buildings, academy halls and other campus buildings, as well as to install electronic security systems throughout the Phillips Academy campus and to refund existing bonds.

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