Massachusetts Development to price $90 million revenue bonds for Berklee College of Music

By Sheri Kasprzak

New York, Aug. 25 - The Massachusetts Development Finance Agency is set to price $90 million of series 2011 revenue bonds for the Berklee College of Music, according to a preliminary official statement.

The bonds (A2/A/) will be sold on a negotiated basis with Citigroup Global Markets Inc. as the senior manager. The co-managers are Bank of America Merrill Lynch and J.P. Morgan Securities LLC.

The bonds are due 2012 to 2031 with a term bond due in 2041.

Proceeds will be used to acquire a parcel of land on Massachusetts Avenue in Boston, as well as to construct, design, equip and furnish a 16-story building to house student dormitories, a performance hall, a dining hall, a recording studio and other music technology space. The proceeds will also be used to demolish two existing buildings to make space for the student dormitory.

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