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Upcoming Revenue and Refunding Bonds, Series 2021 (Macalester College) Sale - April 14, 2021
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Minnesota Higher Education Facilities Authority

Issuer Type: Pool/Bond Bank/Conduit

Bond Ratings

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Augsburg College

Moody's
Ba1

Bethel University

Moody's
NR
S&P
BB+

Carleton College

Moody's
Aa2

College of Saint Benedict

Moody's
Baa1

College of Saint Scholastica

Moody's
Baa2

Concordia College (Moorhead)

Moody's
Baa1

Concordia University - St. Paul

Moody's
NR*

Dunwoody College of Technology

Moody's
NR**

Gustavus Adolphus College

Moody's
A3

Hamline University

Moody's
Baa3

Macalester College

Moody's
Aa3

Minnesota College of Art and Design

Moody's
Baa2

Mitchell Hamline School of Law

Moody's
NR*

Northwestern College of Health Science

Moody's
NR**

Saint John's University

Moody's
A2

Saint Mary's University of Minnesota

Moody's
NR**

St. Catherine University

Moody's
Baa1

St. Olaf College

Moody's
A1

University of St. Thomas

Moody's
A2
Barry W. Fick

On behalf of the Minnesota Higher Education Facilities Authority (MHEFA), I would like to welcome you to our investor relations website. We appreciate your interest and investment in bonds issued by the MHEFA, as it allows us to make critical investments in educational infrastructure. We are committed to maintaining strong bond ratings on our bond issues, and we are also committed to being as transparent as possible with the investor community and public at large.

I hope you find this website useful as you seek to better understand the credit fundamentals of the MHEFA. Please do not hesitate to contact our office with suggestions for how we can be doing better. Thanks again for your interest in our bond program.

Barry W. Fick, Executive Director

News & Highlights

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

Read Press Release

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

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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

Read Press Release