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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
For Immediate Release: January 29, 2021
ST. PAUL, MN — The Minnesota Higher Education Facilities Authority (MHEFA) announced today it is offering approximately $58 million of Series 2021 Revenue Bonds, St. Olaf College Project on February 3, 2021. The bonds will be offered via negotiated sale through Piper Sandler & Co. The Municipal Advisor is North Slope Capital Advisors.
“This bond sale will provide financing for enhancements to the St. Olaf College campus. We anticipate a successful bond sale and are confident the school’s strong bond rating and financial strength will prove attractive to investors,” said Barry W. Fick, Executive Director of MHEFA.
St. Olaf’s 350-acre campus is located in the city of Northfield, Minnesota, 40 miles south of the Minneapolis/Saint Paul metropolitan area. The College also owns approximately 650 acres of land that adjoins the campus. In addition, several hundred acres have been set aside as natural lands.
The physical facilities include 17 academic and administrative buildings, 11 student residence halls, and 10 athletic competition venues. The College also owns 36 off-campus houses, 24 of which are used as student housing. St. Olaf College’s 3,000 students come from all 50 states and82 foreign countries. Fifty-seven percent (57%) of full-time students come from outside Minnesota. St. Olaf offers 44 graduation majors, including 10 teaching certifications, 129 concentrations and 20 pre-professional fields.
A Preliminary Official Statement has been released and is available at www.mnhefabonds.com. St. Olaf College’s Series 2021 bonds are rated “A1” 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
The Minnesota Higher Education Facilities Authority (“MHEFA”) is requesting your consideration of providing a response to this Request for Qualifications / Request for Proposal (“RFP”) to provide Municipal Advisor services to the Authority.
Please follow the link below to download the RFP form.
FOR IMMEDIATE RELEASE: January 2, 2020
The Minnesota Higher Education Facilities Authority (the “Authority”) is pleased to announce that Barry W. Fick, its Executive Director, has been appointed to two national public finance organization committees. Executive Director Fick has been appointed to a 3-year term on the Committee on Governmental Debt and Fiscal Policy of the Government Finance Officers Association (GFOA). The GFOA Committee on Governmental Debt and Fiscal Policy promotes sound financial practices for local and state governments. The Committee works on best practices, actively engages with participants in the market to help develop guidelines and updates for its members and monitors legislative and regulatory activities that impact the ability of state and local governments to borrow in a cost-effective manner. He has also been appointed to the Compliance Advisory Group (CAG) of the Municipal Securities Rulemaking Board (MSRB). “The MSRB’s advisory groups provide the organization with another touch-point to the industry and further insight into the municipal securities market,” said Interim Chief Executive Officer and Chief Financial Officer and Treasurer Nanette D. Lawson. “We greatly value the contributions of the professionals who volunteer to serve on our advisory groups.” The CAG provides feedback on compliance resources, tools and educational materials to enhance dealers’ and municipal advisors’ understanding of MSRB rules and to assist their efforts in developing effective supervisory and compliance programs. The Authority is an agency of the State of Minnesota. Created in 1971, the Authority assists non-profit higher education institutions in the State of Minnesota with low-cost financing or refinancing capital projects for the benefit of their students, helping lower the cost of higher education.