January 26, 2017

FAME Approves Financing for Maine Schools and Businesses

Bond financing will help students and help to save and improve Maine lives

The board of directors of the Finance Authority of Maine (FAME) recently approved bond financing for two Maine schools and two health care companies, totaling approximately $97.3 million. The move will help to improve the general health and well-being of Maine students and businesses. At its monthly meeting on January 19, 2017, the FAME Board approved financing for Husson University; Thornton Academy; MaineHealth; and LifeFlight of Maine, LLC. “FAME is pleased to support the growth and success of these Maine educational institutions and companies, and the related Maine jobs,” stated FAME Board Chair Raymond Nowak. “We wish them all well with their plans for growth and success in the coming years.” Husson University, a private college located in Bangor, was approved for $10.3 million in financing to refinance a portion of the costs of construction of student apartments, replacement of a maintenance facility, and renovation of certain residence halls. Thornton Academy, a private elementary and secondary school in Saco, was approved for financing of $23.5 million to finance and refinance the costs of certain capital improvement projects, including the acquisition of land for construction of new dormitories and business offices, and renovations to existing facilities, including classrooms, a gymnasium, a cafeteria, and athletic fields. MaineHealth, a non-profit health care company that owns Maine Medical Center and a variety of other hospitals and medical service providers throughout the state, was approved for $61 million in financing to help with costs associated with completion of an electronic medical records system. Finally, LifeFlight of Maine, which provides critical care transport and training statewide, was approved for $2.5 million to finance a portion of purchasing, medically reconfiguring, upgrading, and equipping a new helicopter. The company also will use the financing to upgrade its facilities at Sanford, Auburn, and Rockland, and miscellaneous other projects. “We are grateful for FAME’s assistance on this important project,” said Thomas Judge, Executive Director of LifeFlight. “As a private non-profit charity with a distinctly public mission, this financing is essential to helping us better serve the people of Maine.”   FAME’s Revenue Obligations Securities Program provides tax-exempt bond financing to eligible borrowers without any recourse or obligation on the part of the state. FAME acts as a conduit for borrowers in order to access favorable interest rates and to help stimulate the economy and create and retain Maine jobs.