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CAMBRIDGE, MA-The Massachusetts Institute of Technology is selling $250 million in bonds to fund its campus construction projects. The bonds are being sold through the Massachusetts Health and Educational Facilities Authority.

The university news office says that the bond sale took advantage of “declining market interest rates and achieved a very low cost of capital” with an initial rate of 2.3%.

“MIT’s superb credit strength helped to make this a very successful bond sale,” says Robert J. Ciolek, executive director of HEFA, in a statement put out by MIT. “This is one of the largest bond issues in HEFA’s history and will help realize MIT’s vision for continued preeminence.”

The projects will help finance five new buildings, related expansion of utilities and parking, and renovations on two existing buildings. New buildings under construction are the Zesiger Sports and Fitness Center; Simmons Hall, an undergraduate residence on Vassar Street; the Stata Center for Computer, Information and Intelligence Sciences, which includes the William H. Gates Building and the Alexander Dreyfoos Building; and a graduate student dormitory at 70 Pacific St. Renovations include Building NW30, which is becoming another graduate residence, and the Dreyfus chemistry building.

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