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Learn about Minnesota Higher Education Facilities Authority, including Featured News, Borrowers, and The Team.
For Immediate Release: April 6, 2021
ST. PAUL, MN — The Minnesota Higher Education Facilities Authority (MHEFA) announced today it is offering approximately $13 million of Revenue and Refunding Bonds, Series 2021 (Macalester College) bonds on April 14, 2021. The bonds will be offered via negotiated sale through Piper Sandler & Co. The Municipal Advisor is North Slope Capital Advisors.
“To help Macalester College continue its philosophy of fostering global citizenship and collaborative learning, this bond sale will provide debt service savings and make funds available to undertake roof replacement to several buildings on the campus. The school’s strong bond rating of Aa3 (Moody’s Investors Service) demonstrates the commitment by the College to fiscal responsibility, and we anticipate a successful bond sale,” said Barry W. Fick, Executive Director of MHEFA.
Macalester College is located in a residential section of Saint Paul, Minnesota. It is a liberal arts college that combines a close-knit, welcoming community with the benefits of being in the Minneapolis/St Paul metro area. Macalester students come from every state and 98 countries for an academic program ranked among the top 20 in the nation.
A Preliminary Official Statement has been released and is available at www.mnhefabonds.com. Macalester’s Series 2021 bonds are rated “Aa3” by Moody’s.
MHEFA assists institutions of higher education within the State in the construction and financing of capital projects. MHEFA has issued bonds totaling over $2.85 billion, of which approximately $900 million is outstanding. Bonds issued by MHEFA are payable only from the loan repayments made by the borrowing school. MHEFA bonds do not represent or constitute a debt or pledge of the faith or credit or moral obligation of the State of Minnesota. MHEFA has no taxing power.
For more information:
Barry W. Fick, Executive Director, MHEFA
NOTICE IS HEREBY GIVEN that a public hearing will be held by the Minnesota Higher Education Facilities Authority (the “Authority”) with respect to a proposal to issue revenue bonds or other obligations on behalf of Macalester College, a Minnesota nonprofit corporation (the “College”), as owner and operator of Macalester College, at the Authority’s offices at Suite 450, 380 Jackson Street, Saint Paul, Minnesota, on Wednesday, March 17, 2021, at or after 2:00 p.m.
Under the proposal, the Authority would issue its revenue bonds or other obligations in an approximate maximum principal amount of $15,500,000 to finance a project (the “Project”) consisting of (a) the refunding of the Authority’s outstanding Revenue Bonds, Series Seven-S (Macalester College) (the “Series Seven-S Bonds”), dated December 12, 2012, which were issued in the original aggregate principal amount of $14,730,000; and (b) the replacement of the roofs on the Olin Building, the College’s Campus Center building and library, and the College’s humanities building.
The Series Seven-S Bonds were issued to finance the second phase of renovation and expansion of the Janet Wallace Fine Arts Center complex, including renovation, construction, equipping, and furnishing of the approximately 35,000 square foot studio arts portion of the complex, and to finance the replacement of a portion of the boiler capacity in the College’s heating plant, together with all related improvements, upgrades, and site work.
All of the facilities and improvements to be financed or refinanced as part of the Project are or will be owned and operated by the College and located on the College’s campus, the principal street address of which is 1600 Grand Avenue, Saint Paul, Minnesota 55105.
The Authority’s meeting and public hearing on March 17, 2021 will be conducted by telephone or other electronic means in accordance with Minnesota Statutes, Section 13D.021. Members of the public may attend the meeting via telephone by calling toll-free 1-877-978-6969; Access Code 198-566-367#. Some members of the Authority may participate by telephone or other remote means.
Written comments may be sent by regular mail to the attention of the Operations Manager at the offices of the Authority, Suite 450, 380 Jackson Street, Saint Paul, Minnesota 55101, or emailed to firstname.lastname@example.org, or sent by facsimile to 651-297-5751. Anyone requiring an accommodation consistent with the Americans with Disabilities Act should contact the Authority at 651-296-4690 at least 48 hours in advance of the meeting to arrange for any necessary accommodations.
Dated: March 3, 2021
BY ORDER OF THE MINNESOTA HIGHER EDUCATION FACILITIES AUTHORITY
/s/ Barry W. Fick
Minnesota Higher Education Facilities Authority
For Immediate Release: February 5, 2021
ST. PAUL, MN — The Minnesota Higher Education Facilities Authority (MHEFA), today, announced the successful sale of its Series 2021 Revenue Bonds, St. Olaf College Project which sold through negotiated sale on February 3, 2021. The proceeds of the bonds will be used to finance enhancements to the St. Olaf College campus, including a new residence hall and additional housing.
“This bond sale was very successful, with over $1 billion in orders for approximately $57 million of bonds. The bonds were well received by investors due in part to the financial strength and reputation of the College. Additionally, a low supply of bonds in the market and investor demand helped the offering receive a strong reception.” said Barry W. Fick, Executive Director of MHEFA.
The sale consisted of four term bonds maturing in October 2038, 2041, 2046, and 2050. After the order period, the par amount of the term bonds was increased based on the strong demand. In addition, the substantial oversubscription for the bonds allowed yields to be reduced on all four maturities.
Piper Sandler & Co. served as underwriter for this transaction with North Slope Capital Advisors acting as Municipal Advisor.
About Minnesota Higher Education Facilities Authority
MHEFA assists institutions of higher education within the State in the construction and financing of capital projects. MHEFA has issued bonds totaling over $3.00 billion, of which approximately $922 million is outstanding. Bonds issued by MHEFA are payable only from the loan repayments made by the borrowing school. MHEFA bonds do not represent or constitute a debt or pledge of the faith or credit or moral obligation of the State of Minnesota. MHEFA has no taxing power.
For more information:
Barry W. Fick, Executive Director, MHEFA
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2018 Augsburg University Form 990 available in the Documents Section
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2018 Bethel University Form 990 available in the Documents Section
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2018 Carleton College Form 990 available in the Documents Section
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2017 College of Saint Benedict Form 990 available in the Documents Section