Pace University Announces Successful Bond Offering
Pleasantville, NY (PRWEB) April 03, 2014 -- Pace University announced today that it has taken another major step towards realizing its vision for Pace’s Pleasantville campus. The University issued $100.6 million par amount of tax-exempt fixed and variable rate bonds that will primarily fund the first phase of Pace’s Master Plan for its Pleasantville, NY campus and pave the way for future growth. The $100 million project is one of the largest construction projects under way in the Hudson Valley region.
This announcement comes as the Pleasantville campus of Pace University wraps up its year-long 50th anniversary celebration. The first phase of Pace’s Master Plan for Pleasantville includes two new state of the art residence halls with living-learning spaces, enhanced athletic facilities and fields, an upgraded student center and dining hall, and new environmental center facilities. These transformative changes allow for the sale of the Briarcliff location and will enhance student life on campus. More open green space, including a central campus “green,” and additional pedestrian pathways are also part of the planned enhancements.
On March 20 the Westchester County Local Development Corporation offered the Pace University Revenue Bonds, Series 2014A, which are secured by a pledge of revenues and by a mortgage. Pace issued $85.7 million in two fixed-rate, sinking fund bonds due in 2034 and 2042 (Series A) and $14.9 million of variable rate bonds due in 2044 (Series B).
“We are very pleased with the market reception to our bond issue,” said Pace University President Stephen J. Friedman. “Investors’ strong interest in these bonds reflects confidence in the future of Pace University. The Pleasantville Master Plan is part of a broader project to further build the academic and student life and attractive power of the Pleasantville campus. It is a major strategic initiative for Pace University.”
“With this project we will realize our vision for a modern residential campus designed to enhance the educational experience and improve student life at Pace University in Pleasantville,” said William J. McGrath, Senior Vice President and Chief Operating Officer of Pace’s Westchester campuses.
New academic and extra-curricular offerings, as well as recently renovated labs, make the campus increasingly enticing as a place to prepare for a career in the sciences, business, the health professions, mental health counseling, media and communication arts, and many other professions.
The Master Plan represents a significant investment by Pace University in the local and regional economy. As Westchester County, NY’s 13th largest employer, Pace contributes approximately $64 million annually to the county’s economy in direct and indirect spending.
Standard & Poor’s Financial Services, LLC assigned a “BB+” rating with a stable outlook to the Series 2014 bonds. The Series A bonds were issued through BofA Merrill Lynch as underwriter. The Series B bonds were placed by BofA Merrill Lynch as remarketing agent. The bond issue closed today.
About Pace University
Since 1906 Pace University 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 New York City and Westchester County, New York, enrolling nearly 13,000 students in bachelor’s, master’s, and doctoral programs in its Lubin School of Business, Dyson College of Arts and Sciences, College of Health Professions, School of Education, School of Law, and Seidenberg School of Computer Science and Information Systems. http://www.pace.edu
Media Contact: Cara Cea, ccea(at)pace(dot)edu, 914-906-9680
Cara Cea, Pace University, http://www.pace.edu, +1 (914) 906-9680, [email protected]
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