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March 30, 2023

Successful Bond Pricing for Quinnipiac University

Quinnipiac University is celebrating a major financial milestone after successfully pricing its tax-exempt, Series N Bonds. The University raised $58.955 million from the sale, which received a staggering $101.4 million worth of orders from investors. The deal was split into two maturities, with $19.4 million maturing on July 1, 2048, and $39.555 million maturing on July 1, 2053.

The proceeds from the bond sale will be used to finance a brand new 417-bed residence hall as part of Quinnipiac University’s ambitious Facilities Master Plan. The 10-year, $244 million plan has identified the need for more beds, and the new residence hall is expected to improve the quality and type of housing units available on campus. It will also enable the University to eliminate triples and quads and include more first-year housing types and single rooms in its campus inventory. The project is expected to improve the overall student experience, leading to future enrollment growth, and supporting the University’s 3-year live on campus requirement. The residence hall is scheduled to open in 2024.

Quinnipiac University’s financial strength was confirmed with its “A3” rating by Moody’s with a Positive Outlook and “A-“ rating with a Stable Outlook from S&P. The deal was underwritten by Barclays (Senior Manager) and RBC Capital Markets (Co-manager), while PFM acted as the Financial Advisor, and Hinkley Allen provided Bond Counsel for the Authority. The bond sale closed on March 15, 2023, marking a significant achievement for Quinnipiac University.