Mount Vernon Nazarene University

Overview

Deal Type Debt Capital Markets
Size $6.9 Million
Economic Development Revenue Refunding Bonds
Client & Transactional Partners Mount Vernon Nazarene University
Our Role Sole Manager

Summary

KeyBanc Capital Markets (KBCM) served as Sole Manager for $6.9 million of Tax-Exempt Economic Development Revenue Refunding Bonds, Series 2022 (the 2022 Bonds) for the City of Mount Vernon, Ohio on behalf of Mount Vernon Nazarene University (the University). The 2022 Bonds were issued for the purposes of (i) refunding the outstanding amount of the City of Mount Vernon, Ohio Economic Development Revenue Refunding Bonds, Series 2016 (Mount Vernon Nazarene University) (the Prior Bonds); and (ii) paying costs of issuance of the 2022 Bonds.

KBCM worked with the University to solicit a first-time “BBB+” rating from S&P Global. By refunding the Prior Bonds, the University secured 30-year committed funding while also generating significant cash flow relief over the life of the Prior Bonds. Additionally, the University eliminated renewal and acceleration risks inherent to the existing direct purchase structure. The 2022 Bonds represent the only long-term indebtedness of the University.

Despite ongoing market volatility in the first weeks of 2022 as well as heightened geopolitical pressures on the day of pricing, the University’s transaction was well-received by investors. Additionally, in spite of being a somewhat smaller transaction, the pricing of the 2022 Bonds outpriced a larger competing transaction with the same credit rating that came to market the same day. Ultimately, KBCM built an order book with close to 2.0x oversubscription.

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