Middlebury College

Bond Series: 2016 Series A Tax-Exempt

Closed: August 5, 2016

Bond Size: $33.1 million

Credit Rating: Moody’s Aa2; S&P AA

Underwriter: Goldman Sachs

Interest Rate: 3.474%

Final Maturity: 2046

Purpose: The bonds will be used to: i) refund Middlebury College’s outstanding 2006-A bonds; and ii) pay for issuance costs related to the financing.

Project Benefit: The College will realize economic savings from the refunding and is expecting $5.3 million in present value savings.