CHEFA Closes More Than $700 Million in Tax-Exempt Bonds

Goodwin University issues its first CHEFA Bond
On July 10, 2024, Goodwin University closed its first bond issue with CHEFA in the amount of $47.145 million. This was CHEFA’s first bond issue with a Social Bonds designation. The bond issue consisted of two series, a $44.155 million tax-exempt issue, and a $2.99 million taxable issue. Proceeds from the bonds will be used to refund certain outstanding bank loans that were used to finance the acquisition of the University of Bridgeport and its facilities and properties, and the construction of an academic building, and various capital projects. Proceeds will also be used to fund various improvements to academic facilities at both Goodwin and the University of Bridgeport.

Goodwin originally began as Data Institute of Business in 1962 and later re-established as Goodwin College in 1999. In 2004, Goodwin attained nonprofit status and moved to its current location in East Hartford. Goodwin currently provides various educational programs for approximately 3,000 undergraduate and graduate programs. In addition, Goodwin operates a system of interdistrict magnet schools serving approximately 1,200 students. In 2001, completed the acquisition of the University of Bridgeport, which currently serves approximately 4,300 students in its undergraduate, graduate and doctoral programs.

Yale New Haven Health utilizes a variety of financing structures
Yale New Haven Health’s $674.2 million Series 2024 closed on July 1, 2024 employing three different financing structures: $156.7 million Fixed Rate Bonds, with a 2048 maturity, $158.2 million Put Bonds, due July 1, 2029, and $337.0 million weekly Variable Rate Bonds, with a 2060 maturity. New money proceeds from the bond issue will be used to reimburse the system for the purchase of a medical office building and fund a portion of a new Tower Expansion Project to house a new neuroscience center to be located at the system’s Hospital of Saint Raphael campus. Yale New Haven currently operates four hospitals in Connecticut (Yale New Haven, Bridgeport, Greenwich, and Lawrence & Memorial) one in Rhode Island (Westerly) with a total licensed bed complement 2,681.