Trinity is a private, non-profit, co-educational, non-sectarian institution of higher education committed to education in the classical tradition of liberal arts and sciences. Founded in 1823 as Washington College, it was the second college established in the State of Connecticut. The College receives over 5,000 applications, with approximately 10.33 students applying for each available slot in the entering class. Trinity’s acceptance ratio is just over 40%, with matriculation at about 25%. Total full-time enrollment exceeds 2,000 students.

Project:  Series H was an advance refunding of the College’s Series E bonds issued in 1996, which financed twenty-three anew construction and renovation projects, including a residence hall project totaling $15.0 million.

Structure:  $33,370,000 Issue Series H was structured as a fixed rate issue , maturing in 2031.

Closing Date:  July 8, 2004.

Results:  The actual net present value savings on the refinancing was $586,449, or 1.9% of the refunded principal. The true interest cost for the issue was 4.69%. The refinancing saved the College approximately $100,000 in debt service payments.

Financing Team:  Advest, Inc.; Carmody & Torrance LLP; Day, Berry & Howard LLP; Levy & Droney, P.C.; MBIA Insurance Corporation; P.G. Corbin & Company, Inc.; RBC Dain Rauscher, Inc.; Robinson & Cole LLP; U.S. Bank N.A.; Webster Bank.