Middlebury College

Bond Series: 2012 Series A & 2012 Series B

Closed: 2012 Series A - Closed April 10, 2012 and 2012 Series B - Closed August 7, 2012

Bond Size: $58,035,000 (Series A $46,150,000 and Series B $11,855,000)

Credit Rating: S&P AA and Moody’s Aa2

Credit Enhancement: None

Underwriter: Goldman, Sachs & Co.

Interest Rate: Fixed Rate, Tax-Exempt

Final Maturity: 2032

Yield: 1.45% to 3.54%

Purpose: i) Refund the College’s 2002 Series A bonds and ii) Pay certain costs associated with issuing the Bonds.

Project Benefit: The refund is expected to generate an estimated total cash flow savings of almost $21 million.

Economic Benefits: N/A