Magazine article American Banker

Enrollment Growth Drives $1.2 Billion Cal State Deal

Magazine article American Banker

Enrollment Growth Drives $1.2 Billion Cal State Deal

Article excerpt

Byline: Keeley Webster

LOS ANGELES -- The Trustees of California State University will price $1.2 billion in revenue bonds next week for projects as the system grapples with 23% enrollment growth over the past four years.

The enrollment growth has been largely in-state with 94% of Cal State's students coming from within its borders, said Robert Eaton, Cal State's assistant vice chancellor.

The majority of the projects planned at several of the statewide system's 23 campuses have self-supporting revenue streams including student housing, parking and student union buildings, Eaton said.

The bond proceeds will go towards modernization and growth-driven projects like new student housing, student union buildings and academic buildings in areas like science, technology, math and engineering.

A retail order period is planned Tuesday for the $890 million tax-exempt Series A. Institutional sales for both Series A and $322 million Series B will follow Wednesday.

Series A incorporates a $116.8 million refunding component and Series B $9.6 million.

Cal State will also price a Series C $47 million taxable revenue bond refunding in a separate sale on Feb. 23. The preliminary official statement for those bonds will post Feb. 14.

Goldman Sachs & Co. and JPMorgan are lead managers in the 20-member syndicate. Orrick, Herrington & Sutcliffe is bond and disclosure counsel. KNN Public Finance is financial advisor.

The university system has $5. …

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