NEW YORK, NY (PRWEB) March 09, 2013
Pace University announced Thursday that it issued more than $115 million of fixed and variable rate bonds that will lower its debt service and pave the way for future growth.
The bond issue will refinance the University’s outstanding long-term debt and fund certain capital projects on the Pace campuses in Lower Manhattan and in Westchester County, NY. Pace issued nearly $96 million in tax-exempt (Series A) bonds and almost $20 million in taxable (Series B) bonds.
“We are very pleased with the market reception for our bond issue,” said Stephen J. Friedman, Pace’s president. “The interest in these bonds reflects confidence in the future of Pace University.”
On Feb. 27, the Dormitory Authority of the State of New York -- which provides financial and material aid to the state’s public and private nonprofit universities -- offered the Series A bonds.
Standard & Poor’s Financial Services, LLC, assigned a “BBB-” rating to the issuance. The Series A bonds were offered through an underwriting syndicate led by Bank of America Merrill Lynch. The bond issue closed on Thursday.
About Pace University: Since 1906, Pace has educated thinking professionals by providing high-quality education for the professions on a firm base of liberal learning amid the advantages of the New York metropolitan area. A private university, Pace has campuses in Lower Manhattan and Westchester County, N.Y., enrolling nearly 13,000 students in bachelor’s, master’s, and doctoral programs in its Dyson College of Arts and Sciences, Lubin School of Business, College of Health Professions, Seidenberg School of Computer Science and Information Systems, School of Education, and School of Law.