Pittsburgh Technical College

Overview

Size $42.5 Million
Revenue Bonds
Client & Transactional Partners Pittsburgh Technical College
Our Role Sole Manager

Summary

On September 23, 2021, KeyBanc Capital Markets (“KBCM”) closed $42.5 million of Tax-Exempt Revenue Bonds, Series 2021 (the “2021 Bonds”), for the Allegheny County Industrial Development Authority on behalf of Pittsburgh Technical College (the “College”). The 2021 Bonds were issued for the purposes of: (i) currently refunding the outstanding Allegheny County Industrial Development Authority, Tax-Exempt Revenue Note, Series 2017 (Center for Excellence in Education Project) (the “2017 Note”); (ii) funding a debt service fund; (iii) terminating an interest rate swap in connection with the 2017 Note; and (iv) paying issuance costs. KBCM served as Sole Manager for the 2021 Bonds.

Through a limited offering process conducted by KBCM and the issuance of the 2021 Bonds, the College restructured its long-term debt with a 29-year level annual debt service structure which generates cash flow relief for the College. With favorable MMD to Treasury rate ratios, the College was able to terminate its swap at a relatively lower cost given higher treasury rates versus their funding cost based off MMD. By locking in long-term financing in a historically low interest rate environment the College was able to eliminate interest rate, credit renewal, and other risks inherent in its prior bank debt structure.

Pittsburgh Technical College, located on a 180-acre campus in southwestern Pennsylvania, is a college with the primary focus of offering Associate degrees, but also offers a limited number of Bachelors’ degrees and certificates. The campus contains student housing, a six-floor education building, and a comprehensive Energy Technology Center. Formerly known as Pittsburgh Technical Institute, in July 2017 it began operating under the name Pittsburgh Technical College. The College operates a private coeducational institution located in Oakdale, Pennsylvania. Average headcount enrollment for FY 2019 was 1,431, which increased to 1,518 students for FY 2020.

Recent Deals

July 2022

Lofts on Main

$14.3 Million

Adaptive Reuse and New Construction

Construction

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June 2022

 

$126.9 Million

Educational Facilities Revenue Bonds

Sole Manager

Debt Capital Markets

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June 2022


Series D Funding

led by

Morgan Stanley Expansion Capital

$140 Million

Exclusive Financial Advisor

Mergers & Acquisitions

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June 2022

Darby Crossing

$74 Million

Construction and Private Placement Loan

Construction
Private Placement

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June 2022

the parent company of

AEP Transmission Company, LLC

$550 Million

Senior Notes

Joint Bookrunner

Debt Capital Markets

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May 2022

has received a strategic investment from

 

Exclusive Financial Advisor

Mergers & Acquisitions

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May 2022

 

a portfolio company of

has been acquired by

 

Exclusive Sell-Side Advisor

Mergers & Acquisitions

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May 2022

 

Tiburon Place

$53 Million

4% bond LIHTC and State Housing Equity

Construction

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May 2022

 

$500 Million

Senior Secured Credit Facility

Joint Bookrunner
Joint Lead Arranger

Debt Capital Markets

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May 2022

 

Cheshire Station

 

$17.6 Million

Acquisition

Lender

CMBS

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May 2022

ACG Portfolio-Oakland Glen MHC

ACG Portfolio-Clayton Acres MHC

$59.5 Million

Refinance

Lender

Fannie Mae

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May 2022

 

Stonetown - North Pines

Stonetown - Country Meadows

$82 Million

Acquisition

Lender

Fannie Mae

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May 2022

Sawgrass Point

$28.5 Million

Refinance

Lender

Fannie Mae

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May 2022

 

Floorplan Inventory Financing and Commercial Real Estate Lending

Lender

Mergers & Acquisitions

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May 2022

a portfolio company of

has acquired

 

$545 Million

Senior Secured Credit Facilities

Administrative Agent
Joint Bookrunner
Left Lead Arranger

Debt Capital Markets

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May 2022

 

$2.55 Billion

Senior Secured Credit Facilities

Co-Documentation Agent
Joint Lead Arranger

Debt Capital Markets

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May 2022

 

$95 Million

Senior Secured Credit Facilities

Administrative Agent
Joint Lead Arranger
Sole Bookrunner

Debt Capital Markets

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April 2022

 

Rego Park II

$11 Million

Refinance

Lender

CMBS

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