John Carroll University

Overview

Deal Type Debt Capital Markets
Size $105.6 Million
Revenue Bonds
Client & Transactional Partners John Carroll University
Our Role Senior Manager

Summary

 

KeyBanc Capital Markets (“KBCM”) served as Senior Manager for $105.6 million of Tax-Exempt Higher Educational Facility Revenue Bonds (the “2022 Bonds”), for the State of Ohio – Ohio Higher Educational Facilities Commission (the “Commission”) on behalf of John Carroll University (the “University”). The 2022 Bonds were issued for the purposes of (i) (a) constructing and equipping a field house for University athletic, academic, administrative and other purposes, including parking facilities, (b) renovating student residence and library facilities and renovating and improving University facilities for various purposes, (ii) refunding the Higher Educational Facility Revenue Bonds (John Carroll University 2018 Project) (the “Refunded Bonds”), (iii) funding capitalized interest, and (iv) paying costs of issuance.

Under new leadership, the University identified several key capital projects that will help drive demand and student outcomes for years to come. Through the issuance of the 2022 Bonds, the University was able to take advantage of a relatively flat yield curve environment and finance these projects. By restructuring the Refunded Bonds, the University eliminated renewal and acceleration risks inherent to the existing direct purchase structure.

Despite challenging market conditions brought about by inflationary pressures, the University’s transaction was well-received by investors. Ultimately, the sale of the 2022 Bonds outperformed other competing transactions in the market.

 

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