Massachusetts Municipal Wholesale Electric Company - Fixed Rate Term Loan - Wakefield Municipal Gas & Light Department

Congratulations to Ferriter Scobbo’s client, the Massachusetts Municipal Wholesale Electric Company (“MMWEC”) and MMWEC’s member, the Wakefield Gas & Light Department (“WMGLD”) for closing on an over $9.4 million fixed-rate, 15-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 WMGLD 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 WMGLD under the Pooled Loan Program will be used to re-finance existing variable rate debt, which financed construction of WMGLD’s electrical substation.