CHICAGO — Michigan-based Kalamazoo College this week is privately placing $36.4 million of bonds, a move that will raise new money and take all of its bonds off the public market to escape a bond covenant that has grown too ­restrictive.

The school will pay a penalty for the refinancing, but felt forced to do so in light of recent accounting-rule changes and concerns about future debt-service coverage given current long-term interest rates, officials said. The combination of the two would likely have led to a violation of the bond covenants within the next few years, according to Jim Prince, the college’s vice president for business and finance.

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