Quinnipiac University is a private, nonprofit, coeducational institution of higher education with a main campus located in Hamden, Connecticut. The University was founded primarily to provide business and pre-professional education to both full-time and part-time students, and was initially authorized to confer only the two-year Associate degree. The University offers numerous undergraduate and graduate degrees through its five schools: the School of Business, College of Liberal Arts, School of Health Sciences, School of Communications, and the School of Law. The University offers Master’s degrees in accounting, business administration, computer information systems, e-media, health administration, health science, cell and molecular biology, pathologist’s assistant, physician assistant, physical therapy, nurse practitioner, journalism and teaching. It also offers the Juris Doctor (J.D.) and a combined J.D./M.B.A. and J.D./M.H.A. with the School of Business and the Quinnipiac University School of Law. Approximately 7,000 students are enrolled at the University; 5,500 undergraduate, 1,000 graduate, and 500 at the School of Law. The University curriculum is a basic program required of all baccalaureate candidates and consists of 50 credit hours taken from the areas of liberal arts, sciences and the managerial tradition. Excluding the School of Law, the University is comprised of 24 academic departments offering 48 undergraduate programs.

Project: Series G refinanced the University’s 1993 Series D issue which was unenhanced. Series D funded construction of a dormitory and a law school facility, as well as refinancing of Series B and C.

Structure: $16,340,000 Issue, Series G was structured as a variable rate transaction and sold in daily, weekly, flexible or term rate modes in $100,000 denominations. A letter of credit from J.P. Morgan was provided as enhancement for the transaction.

Closing Date: November 18, 2003.

Results: The bonds were initially sold in a daily reset mode. The issue became oversubscribed at 1.05%, which allowed the underwriter to reduce the yields for a final pricing of 1.00%. This initial daily rate was 12 basis points through the weekly BMA Index at the time of 1.12%. The Series G bonds were ultimately sold to three institutional buyers.

Financing Team: Day, Berry & Howard LLP; J.P. Morgan Chase; J.P. Morgan Securities Inc.; Orrick, Herrington & Sutcliffe LLP; P.G. Corbin Group, Inc.; Shipman & Goodwin LLP; U. S. Bank, N.A.; Wiggin & Dana LLP.