Massachusetts Municipal Wholesale Electric Company - Fixed Rate Term Loan - Princeton Municipal Light Department

Congratulations to Ferriter Scobbo’s client, the Massachusetts Municipal Wholesale Electric Company (“MMWEC”), and MMWEC’s member, the Princeton Municipal Light Department (“PMLD”), for closing on an over $6 million fixed rate, tax-exempt, 10-year loan.  Ferriter Scobbo represented MMWEC in the transactions, including the Loan Agreement with Bank of America, the proceeds of which funded the loan from MMWEC to PMLD through MMWEC’s Pooled Loan Program.  Ferriter Scobbo drafted the supplemental resolution to MMWEC’s Pooled Loan Program Resolution to authorize the transaction. Ferriter Scobbo also prepared the numerous documents necessary to close the loans. The funds from the fixed rate loan to PMLD under the Pooled Loan Program will be used to re-finance existing variable rate debt, which financed PMLD’s purchase of a 3 MW wind facility, in the Town of Princeton, Massachusetts.