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.