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Higher Education

Sacred Heart University Issue, Series I & J

Bond proceeds will provide for the refinancing of the University's 2003 Series F and 2012 Series G bond issues, and refinancing a construction line of credit with Bank of America, which was used to construct the Business and Communications Center, a 216-bed residence hall, and the Center for Healthcare Education; and to finance the construction of a new 171-bed residential facility, a new athletic building, and the Radio Station/Public Safety Building.

Yale University Issue, Series 2017 A & B

Series 2017A bond proceeds provided for the refunding of the University's 2007 Series Z-2 and Z-3 bond issues.  Series 2017B refinanced Yale's 1997 Series T-1 and 2003 Series X-3 bond issues.

The Net Interest Cost for Series 2017A was 1.50%, which refinanced the Series Z-2 and Z-3 interest rate of 3.60%.  Series 2017A is structured with a 5-year mandatory tender date, and a 25-year maturity.

Trinity College Issue, Series Q

Bond proceeds provided for the refunding of the College's 2007 Series J bond issue.  The new present value savings was over $11.4 million, or 23.0%.

Connecticut State University System Issue, Series P

Bond proceeds provided for the refunding of the System's 2005 Series G and partial refunding of Series H bond issues, and to fund a variety of capital projects at the four System Universities, including renovating an academic center to a residence hall at Eastern Connecticut State University.  The competitive bid bonds achieved over $1.7 million in net present value savings, or 2.85%.

Connecticut College Issue, Series L

Bond proceeds provided for the refunding of the College's 2007 Series F&G bond issues.   In addition, $15 million in new money proceeds provided for campus improvements, including a career planning center, a Global Commons facility, residential facilities, the upgrade and/or replacement of building roofing, plumbing, mechanical, utility, and electrical systems, and technological infrastructure.  The refundings achieved over $1.6 million in net present value savings, or 4.10%.

Quinnipiac University Issue, Series M

Bond proceeds provided for the refunding of a portion of the University's 2008 Series J & K issues, and financed the construction and renovation of new athletic fields, a performing arts facility, a musical rehearsal space, an engineering lab, science labs, and other miscellaneous capital projects.

Yale University Issue, Series 2016A

Bond proceeds financed the refunding of the University's 2007 Series Z-1 issue.  The $150 million Series 2016 A-1 was structured with a 3-year put option, and the $249.3 million Series 2016 A-2 was structured with a 10-year put option.  The Net Interest Cost for the new issues was 1.50%, compared to 4.44% on the refunded bonds.

Fairfield University Issue, Series Q-1

Bond proceeds financed a number of projects in support of the University's Master Campus Plan, which includes: construction of a new health sciences building; construction of a new 220 bed residence hall; expansion of dining capacity in the campus center; and construction of a new parking garage.  The University is rated A3 and A- by Moody's and Standard & Poor's, respectively.

Quinnipiac University Issue, Series L

Bond proceeds provided for the refinancing of the University's Series H, I and J issues, and new money projects.

University of New Haven Issue, Series J

Bond proceeds were used for the acquisition of a residence hall that had previously been leased.

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