East Greenwich, RI Citizens Bank has closed a $60 million bond placement for the New England Institute of Technology. The tax-exempt non-bank qualified bond private placement was made through the Rhode Island Health and Educational Building Corp. The Series 2015 bond will be used to finance the design and construction of a 420-bed residence hall on New England Institute of Technology’s campus at One New England Tech Blvd., as well as various campus infrastructure improvement projects.
New England Institute of Technology is a private, nonprofit technical college with an enrollment of more than 3,000 students and is accredited by the New England Association of Schools and Colleges, Inc. Since 1940, New England Tech has provided employer-driven education to its students through more than 50 associate, bachelor’s, master’s and on-line degree programs.
“We are very pleased to have worked with Citizens Bank on this transaction,” said New England Institute of Technology president Richard Gouse. “The deal team at Citizens brought a number of great ideas to the table and executed the new transaction very well.”
“We are happy to help the New England Institute of Technology leadership achieve its strategic and financial goals,” said Marc Paulhus, president of Citizens Bank, Rhode Island.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $137.3 billion in assets as of June 30. Headquartered in Providence, R.I., Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. In Consumer Banking, Citizenshelps its retail customers “bank better” with mobile and online banking, a 24/7 customer contact center and the convenience of 3,200 ATMs and 1,200 Citizens Bankbranches in 11 states in the New England, Mid-Atlantic and Midwest regions. Citizens also provides mortgage lending, auto lending, student lending and commercial banking services in select markets nationwide. In Commercial Banking, Citizens offers corporate, institutional and not-for-profit clients a full range of wholesale banking products and services including lending and deposits, capital markets, treasury services, foreign exchange and interest hedging, leasing and asset finance, specialty finance and trade finance. Citizens operates through its subsidiaries Citizens Bank, N.A., and Citizens Bank of Pennsylvania.