Bond Series: $64.6 million 2016 SA Tax-Exempt; $9.4 million 2016 SB Taxable
Closed: December 1, 2016
Credit Rating: S&P BBB
Underwriter: Wells Fargo Securities
Interest Rate: Fixed rate, 2.914% to 5.0%
Final Maturity: 2046
Purpose: The bonds will be used to: i) construct a new 314 bed student dormitory called Eagles Landing; ii) refund the College’s outstanding debt; and iii) pay for issuance costs related to the financing. The Series B bonds are to finance the “private use” portion of the Eagles Landing project.
Project Benefit: The new project will add 314 student beds to the College’s inventory and will inject over $36 million in construction spending into the local economy. The refunding will generate economic savings, standardize bond covenants, allow the College to extend the term of its debt, and level out annual debt service.