George Fox University

Summary

KeyBanc Capital Markets (“KBCM”) served as Sole Manager for $39.2 Million of Tax-Exempt Revenue and Refunding Bonds, Series 2021 (the “2021 Bonds”) on behalf of George Fox University (the “University”). The 2021 Bonds were issued for the purposes of: (i) refinancing the University’s (a) Series 2012A Bonds, outstanding in the amount of $19.5 million (the “2012A Bonds”), (b) Series 2018 Bonds, outstanding in the amount of $12.0 million (the “2018 Bonds”), and (c) a term loan facility, outstanding in the amount of $2.7 million (the “Term Loan”) (collectively, the “Bank Facilities”); (ii) financing the termination of integrated interest rate swap agreements; (iii) funding improvements to the University’s campus; and (iv) paying issuance costs.

Through the issuance of the 2021 Bonds, the University’s first public market fixed rate issuance, KBCM was able to restructure the University’s frontloaded debt repayment schedule in order to achieve level annual payments over 30 years, generating near-term cash flow relief and eliminating ongoing risks associated with the University’s bank credit facilities. Due to the strong credit quality of the University and first time credit rating of “A-” by Standard & Poor’s, the transaction was structured without additional security enhancements like a mortgage or debt service reserve fund. Additionally, the transaction does not include any ongoing financial maintenance covenants and does not limit additional parity long- or short-term debt.