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Higher Education

Sacred Heart University, has received a $74,700 CHEFA Grant

Sacred Heart University, has received a $74,700 Connecticut Health and Educational Facilities Authority (CHEFA) grant to develop systematic, standardized training to evaluate patients’ ability to swallow.  Ciara Leydon,Ph.D., associate professor of speech-language pathology, will administer the new program.

University of New Haven Issue, Series K-3

Bond proceeds will provide for construction of a new academic building and an adjacent utility building.

Yale University Issue, Series 2018A

Bond proceeds provided for the current refunding of the University's Series 2010 A-1 bonds.  The Series 2018A was structured as a fixed rate, noncallable issue.  The net interest cost for the new issue was 2.44%, compared to a 4.25% rate on the refunded Series 2010 A-1 bonds.

Fairfield University Issue, Series S

Bond proceed provided for the refunding of the University's 2008 Series M and Series N CHEFA bond issues.  The Series S bonds were structured to provide upfront savings in FY2018 through FY2020 with uniform annual debt service savings thereafter.

The refundings provided over $8.9 million, or 2.7%, in net present value savings.  The University is rated A3 and A- by Moody's and Standard and Poor's, respectively.

University of New Haven Issue, Series K-1 and K-2

Bond proceeds provided for the refunding of all of the University's outstanding CHEFA bond issues, and to pay swap termination payments associated with the bonds.  The bonds were rated "BBB" by Standard and Poor's.

Yale University Issue, Series 2017 C-2

Bond proceeds financed construction and renovation projects, including construction of two new residential colleges, the new Science Building, renovations and improvements to Sterling Memorial Library, and renovations and improvements to various residence halls and academic buildings.  The bond issue was structured with a 5-year mandatory tender.

Yale University Issue, Series C-1

Bond proceeds from the Series C-1 issue financed the advance refunding of the University's Series 2010 A-2 bond issue.  The issue was structured with a 10-year mandatory tender.

Fairfield University Issue, Series R

Bond proceeds provided for the advance refunding of the University's 2010 Series O bonds, and $35.3 million to fund a portion of the following projects: renovation of residence halls, construction of a 125-bed residence hall for upper classmen, reconfiguration of the library into an Academic Commons, and refurbishment of laboratories in the science center.  The refunding achieved over $7.1 million in net present value savings, or 9.6%.

Sacred Heart University Issue, Series J

Bond proceeds financed the current refunding of the University's 2003 Series F bond issue and the advance refunding of its 2011 Series G issue.   The Series J bond issue consists of tax-exempt and taxable components.  The net present value savings for the Series J-1 issue was over $1.4 million, or 2.6%.

Sacred Heart University Issue, Series I

Bond proceeds financed the advance refinancing of the University's 2012 Series H bond issue and the payoff of an existing construction line of credit, and new money projects for a new 176-bed residential facility, a new athletic facility and the Radio Station/Public Safety Building.  The bond issue consists of tax-exempt and taxable components.  The net present value savings for the Series I-1 issue was over $360,000, or 3.4%

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