MassDevelopment Issues $232M First-in-the-Nation Sustainability Bond
Boston Medical Center (BMC) has received $232,415,000 in tax-exempt Sustainability Bonds issued by MassDevelopment. The bonds will support the renovation and expansion of existing facilities at BMC’s primary campus in Boston’s South End neighborhood.
“BMC is pleased to partner with MassDevelopment in this first-in-the-nation sustainability bond offering in nonprofit health care,” said Alastair Bell, president and interim CEO of Boston Medical Center Health System.
BMC’s goal is to become carbon net zero by 2030, and the bonds received the Sustainable Bond designation by Kestrel Verifiers. The bonds were sold through a public offering underwritten by RBC Capital Markets.
The proceeds will be used to renovate existing floors, add new beds, upgrade inpatient operating rooms, and expand and renovate patient support areas. MassDevelopment previously supported BMC in 2016-2017 by issuing close to $220 million in tax-exempt bonds for its campus redesign project.