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Gallaudet to enter the capital markets with its first tax-exempt bond issue

May 10, 2011
By Catherine Murphy
Arrow Buff

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WASHINGTON, D.C. – May 9, 2011 – Gallaudet University today announced that this week it will enter the capital markets with its first-ever tax-exempt bond issue. The Series 2011 revenue bonds issue is expected to raise $40 million with the largest portion of the proceeds used to fund Gallaudet’s new on-campus 175-bed student multiuse housing facility that incorporates an innovative architectural concept known as “DeafSpace,” which emphasizes sensory awareness, mobility and proximity, acoustics, and light and color treatments.

The bulk of the remaining proceeds will fund an energy conservation project intended to keep Gallaudet in the forefront in creating a “green” campus, as well as to finance the cost of upgrading technology infrastructure and systems and renovating residence halls, classroom buildings, geothermal utilities, parking garages and lots, and athletic fields.

Chartered in 1864 by President Abraham Lincoln, Gallaudet is the world’s only accredited liberal arts university for the deaf and hard of hearing and offers a bilingual learning environment in American Sign Language and English.

The Series 2011 revenue bonds are 30-year fixed-rate bonds and a general obligation of Gallaudet, which recently received an A+ rating from Standard & Poor’s and an A2 rating from Moody’s, both with stable outlooks.  In issuing these ratings, both Moody’s and Standard & Poor’s highlighted the stable, strong federal government support of Gallaudet, along with its consistently positive operations, low debt levels, niche demand profile, and stable enrollment. In assigning investment grade ratings, the rating agencies acknowledged both Gallaudet’s long history and commitment to serving individuals who are deaf and hard of hearing, as well as the long-range Gallaudet Strategic Plan.

“This bond issue marks an important step for Gallaudet, in going to the capital markets for the first time to finance an innovative new housing facility as well as green initiatives for our campus,” said Gallaudet University President T. Alan Hurwitz. “We are particularly pleased that the rating agencies have recognized the quality of our operations and our strong financial positions in awarding Gallaudet investment grade credit ratings.”

ButcherMark Financial Advisors, LLC, served as financial advisor to Gallaudet on this financing and Wells Fargo served as senior managing underwriter for the tax-exempt bonds.  Rice Financial Products Company served as co-managing underwriter.

CONTACT: Catherine Murphy, 202-651-5019 voice, 808-938-7080 mobile/text, catherine.murphy@gallaudet.edu.

10 May 2011
By Catherine Murphy

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Catherine Murphy

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