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April 6, 2021

Press Release
Minnesota Higher Education Facilities Authority Announces Details of Its Upcoming Bond Sale

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

bwf@mnhefa.org

(651) 296-4690

March 3, 2021

News
Minnesota Higher Education Facilities Authority (MHEFA) Notice of Public Hearing on the Issuance of Revenue Obligations of Behalf of Macalester College

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 info@mnhefa.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  

Executive Director

Minnesota Higher Education Facilities Authority

February 5, 2021

Press Release
Minnesota Higher Education Facilities Authority Announces Results of Its Recent Bond Sale

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

bwf@mnhefa.org

(651) 296-4690

January 29, 2021

Press Release
Minnesota Higher Education Facilities Authority Announces Details of Its Upcoming Bond Sale

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

bwf@mnhefa.org

(651) 296-4690

October 14, 2020

News
MHEFA Requests Responses to Municipal Advisor Request For Proposal

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.

January 2, 2020

Press Release
January 2, 2020 Press Release

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.