Skidmore College has been approved to refinance $41.5 million in existing debt through the Saratoga County Capital Resource Corp.
Skidmore plans to refinance the $13.4 million balance on bonds issued in 2003 through the Saratoga County Industrial Development Agency, and nearly $28 million in 2004 bonds issued by the state Dormitory Authority.
Because interest rates are now lower, Skidmore Treasurer Michael West said the college hopes to save $2.5 million in interest costs over the next decade by refinancing.
West said the college has received an A-1 rating on its bonds from Moody’s Investor Services, with a “stable” future outlook.
The county Capital Resource Corp. was set up in 2012 to help community non-profits with financing for their capital projects. CRC Chairwoman Anita M. Daly said the Skidmore refinancing falls within its mission because the college’s savings should help retain jobs at the private Saratoga Springs liberal arts college.