PORTLAND, ME, Sept. 22, 2021 – TD Bank, America's Most Convenient Bank®, announced today that its New England Education, Not-for-Profit and Government Finance Group closed $43 million in financing to support building expansions within the University of Maine System (UMS).
The taxable, direct purchase of a Bond Anticipation Note for UMS will provide funding disbursed over a 14-month period for several construction projects within the system's six public universities and 10 campuses.
The bond proceeds will support the construction costs of all or a portion of five projects on two university system campuses. These projects include: a new residence hall, Portland Commons, a new Career and Student Success Center and a new parking garage on the Portland campus of the University of Southern Maine as well as the Ferland Engineering Education and Design Center and Energy Center on the main campus in Orono, Maine.
The deal was closed by Jay Violette, Senior Relationship Manager, TD Bank.
"TD Bank is pleased to support the university system in Maine with this bond financing to help fuel their investments in student success and workforce development across the state," said Christopher Turley, Team Lead of Not-for-Profit, Education & Government Finance − Northern New England, TD Bank. "Even after a year that significantly challenged higher educational institutions, the University of Maine System is poised to serve more students."
About the University of Maine System
Established in 1968, the University of Maine System (UMS) unites six distinctive public universities, comprising 10 campuses and numerous centers, in the common purpose of providing quality higher education while delivering on its traditional tripartite mission of teaching, research, and public service.
In 2020 UMS became the first and only statewide enterprise of public higher education in the country to transition to a unified accreditation for the system. Much different than a merger or consolidation, unified accreditation is a new operating model for the University of Maine System that removes the primary barrier to inter-institutional collaboration.
A comprehensive public institution of higher education, UMS serves more than 30,000 students annually and is supported by the efforts of more than 2,000 full-time and part-time faculty, more than 3,000 regular full-time and part-time staff, and a complement of part-time temporary (adjunct) faculty.
About TD Bank, America's Most Convenient Bank®
TD Bank, America's Most Convenient Bank, is one of the 10 largest banks in the U.S., providing more than 9.6 million customers with a full range of retail, small business and commercial banking products and services at more than 1,100 convenient locations throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas and Florida. In addition, TD Bank and its subsidiaries offer customized private banking and wealth management services through TD Wealth®, and vehicle financing and dealer commercial services through TD Auto Finance. TD Bank is headquartered in Cherry Hill, N.J. To learn more, visit www.td.com/us. Find TD Bank on Facebook at www.facebook.com/TDBank and on Twitter at www.twitter.com/TDBank_US and www.twitter.com/TDNews_US.
TD Bank, America's Most Convenient Bank, is a member of TD Bank Group and a subsidiary of The Toronto-Dominion Bank of Toronto, Canada, a top 10 financial services company in North America. The Toronto-Dominion Bank trades on the New York and Toronto stock exchanges under the ticker symbol "TD". To learn more, visit www.td.com/us.
Martha A. Gaston, APR