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What you need to know for 05/29/2017

Skidmore seeks to refinance debt through county agency

Skidmore seeks to refinance debt through county agency

Skidmore College is asking the Saratoga County Capital Resource Corp. for support in refinancing abo

Skidmore College is asking the Saratoga County Capital Resource Corp. for support in refinancing about $41.5 million in existing debt.

The Capital Resource Corp. scheduled a meeting for April 2 to vote on the application from the private college.

Skidmore wants to refinance the $13.4 million balance on bonds taken in 2003 through the Saratoga County Industrial Development Agency, as well as nearly $28 million in 2004 bonds issued by the state Dormitory Authority. College officials believe they can get a lower interest rate than the current 4.1 percent.

The college doesn’t yet know what its new interest rate will be, but hopes to save $2.5 million over the next 20 years, said Michael West, the college’s vice president for finance and administration. He noted that the college has launched a capital campaign to raise $220 million to $250 million for a new science

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