Citizens closes bond placement for NEIT

PROVIDENCE – Citizens Bank last week closed a $60 million bond placement for the New England Institute of Technology, which will be used to finance a new 420-bed residence hall.
The tax-exempt non-bank qualified bond was made through the R.I. Heath and Educational Building Corp., according to a press release. It is going toward the design and construction of the new residence hall on New England Tech’s campus in East Greenwich and other “various campus infrastructure improvement projects,” according to the release.
“We’re very pleased to have worked with Citizens Bank on this transaction,” said New England Tech President Richard I. Gouse, in a statement. “The deal team at Citizens brought a number of great ideas to the table and executed the new transaction very well.”
New England Tech, accredited since 1940, enrolls more than 3,000 students and hosts more than 50 associate, bachelor’s, master’s and online degree programs.
Marc Paulhus, Rhode Island president of Citizens Bank, a Citizens Financial Group Inc. company, lauded the bond placement in a statement.
“We are happy to help the New England Institute of Technology leadership achieve its strategic and financial goals,” Paulhus said.

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