George Fox University

Overview

Deal Type Debt Capital Markets
Size $39.2 Million
Revenue and Refunding Bonds
Client & Transactional Partners George Fox University
Our Role Sole Manager

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.

Recent Deals

July 2022

Lofts on Main

$14.3 Million

Adaptive Reuse and New Construction

Construction

lofts-on-main
June 2022

 

$126.9 Million

Educational Facilities Revenue Bonds

Sole Manager

Debt Capital Markets

depauw-university
June 2022


Series D Funding

led by

Morgan Stanley Expansion Capital

$140 Million

Exclusive Financial Advisor

Mergers & Acquisitions

platform-sh
June 2022

Darby Crossing

$74 Million

Construction and Private Placement Loan

Construction
Private Placement

darby-crossing
June 2022

the parent company of

AEP Transmission Company, LLC

$550 Million

Senior Notes

Joint Bookrunner

Debt Capital Markets

aep-transmission-company,-llc
May 2022

has received a strategic investment from

 

Exclusive Financial Advisor

Mergers & Acquisitions

valta-energy
May 2022

 

a portfolio company of

has been acquired by

 

Exclusive Sell-Side Advisor

Mergers & Acquisitions

thermogenics-inc-
May 2022

 

Tiburon Place

$53 Million

4% bond LIHTC and State Housing Equity

Construction

tiburon-place
May 2022

 

$500 Million

Senior Secured Credit Facility

Joint Bookrunner
Joint Lead Arranger

Debt Capital Markets

delaware-basin-resources-llc
May 2022

 

Cheshire Station

 

$17.6 Million

Acquisition

Lender

CMBS

cheshire-station
May 2022

ACG Portfolio-Oakland Glen MHC

ACG Portfolio-Clayton Acres MHC

$59.5 Million

Refinance

Lender

Fannie Mae

acg-portfolio
May 2022

 

Stonetown - North Pines

Stonetown - Country Meadows

$82 Million

Acquisition

Lender

Fannie Mae

stonetown-trinity-portfolio
May 2022

Sawgrass Point

$28.5 Million

Refinance

Lender

Fannie Mae

sawgrass-point
May 2022

 

Floorplan Inventory Financing and Commercial Real Estate Lending

Lender

Mergers & Acquisitions

great-falls-subaru
May 2022

a portfolio company of

has acquired

 

$545 Million

Senior Secured Credit Facilities

Administrative Agent
Joint Bookrunner
Left Lead Arranger

Debt Capital Markets

congruex-group-llc
May 2022

 

$2.55 Billion

Senior Secured Credit Facilities

Co-Documentation Agent
Joint Lead Arranger

Debt Capital Markets

penn-national-gaming,-inc-
May 2022

 

$95 Million

Senior Secured Credit Facilities

Administrative Agent
Joint Lead Arranger
Sole Bookrunner

Debt Capital Markets

doyon-limited
April 2022

 

Rego Park II

$11 Million

Refinance

Lender

CMBS

rego-park-ii

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