Today's Date: June 23, 2024
Media Advisory: Federal Housing Finance Agency Director Sandra Thompson Visits Affordable Apartment Complex in Dallas   •   Government of Canada supports high school students across Canada in developing projects to promote healthy living in their schoo   •   New Research Indicates the Need for Diabetes Continuous Glucose Monitoring to Address Health Disparities   •   Shop, Sip, and Support Social Justice Programs at Five Keys Furniture Annex in Stockton, California, on Saturday, June 22nd from   •   Daylu Dena Council celebrates grand opening of multi-purpose building in Lower Post, British Columbia   •   Statement by ministers Pascale St-Onge, Gary Anandasangaree, Patty Hajdu and Dan Vandal on National Indigenous Peoples Day   •   Produced by Renegade Film Productions/Chameleon Multimedia, Obscure Urban Legend ‘Sweaty Larry’ to Be Invoked for Fi   •   Fairness for Indigenous Peoples in Nova Scotia   •   Susan G. Komen® Warns of Dire Impact from Braidwood Management, Inc. et al. v. Xavier Becerra et al. Ruling That Will Force   •   Otipemisiwak Métis Government Celebrates the Opening and Ribbon Cutting of Salay Prayzaan Solar Farm   •   Media Advisory: Arvest Bank Awards $15,000 CARE Award to University District Development Corp.   •   Lexus & Amazon Music Present "Destination .Paak - The Lexus GX Remix" on World Music Day   •   WORK BEGINS ON THE ANWATAN-MIGUAM PROJECT IN VAL-D'OR   •   Freedmen’s Town Community Investment Initiative Launches   •   Lifezone Metals Announces Voting Results from its 2024 Annual General Meeting   •   SCOTUS Ruling in Rahimi Case Upholds Protections for Domestic Violence Survivors, BWJP Experts Celebrate   •   Statement - Mishkeegogamang Ojibway First Nation celebrates community development achievements and National Indigenous Peoples D   •   Chinatown Storytelling Centre Opens New Exhibit: Neighbours: From Pender to Hastings   •   Statement by the Prime Minister on National Indigenous Peoples Day   •   Maximus Named a Top Washington-Area Workplace by The Washington Post
Bookmark and Share

Lehigh University Notice of Consideration of Potential Bond Issuance and Refinancing/Refunding Strategies

BETHLEHEM, Pa. , May 22 /Businesswire/ - Lehigh University (the “University”) has announced that it is currently evaluating the potential issuance of one or more series of bonds (collectively, the “Bonds”) on or about July 2024.*

If issued, the University currently expects to use a portion of the proceeds of the Bonds to fund new capital projects as well as to potentially modify, refinance, purchase and/or refund certain obligations of the University, including certain outstanding tax-exempt and taxable indebtedness of the University, as set forth below, but subject to change:

Northampton County General Purpose Authority:

University Revenue Bonds, Series B of 2000 (Lehigh University)

Higher Education Revenue Bonds, Series of 2004 (Lehigh University)

Higher Education Revenue Bonds, Series B of 2016 (Lehigh University)

Lehigh University:

Taxable Bonds, Series of 2016

Taxable Bonds, Series of 2020

With regard to evaluating the potential issuance of the Bonds, the University is considering possible alternatives for refinancing certain of the University’s existing bonds. The University may or may not proceed with one or more refinancing alternatives, which may include a current refunding, defeasance, tender offer, exchange offer, open market purchase program, privately negotiated transaction, redemption or other alternatives to refinance all or a portion of select bonds in its portfolio, with the refinancing obligations being issued on either a taxable or tax-exempt basis.

In connection with the issuance of the Bonds the University may also determine to modify, terminate or suspend one or more of its interest rate management agreements (“Swaps”) related to certain outstanding obligations of the University as set forth above.

The size, structure, use of proceeds and timing of issuance of the Bonds and/or the modification, termination or suspension of one or more of the Swaps or any portions thereof, remain subject to market conditions in all respects. If issued, Wells Fargo Bank N.A. is expected to serve as book running senior manager and BofA Securities and Jefferies are expected to serve as joint co-managers and as joint dealer managers for any tender offer.

The size, structure, timing, tax status and use of proceeds for the Bonds are preliminary and subject to change without notice at the sole discretion of the University, and the University reserves the right to issue all, none or a portion of the Bonds described above and reserves the right to issue additional bonds subject to market conditions. This announcement does not constitute a redemption notice with respect to any of the existing bonds issued by or for the benefit of the University. Nothing contained herein should be construed as an offer to sell or a solicitation of an offer to purchase the Bonds. Any offer and sale of any Bonds will be made only by means of the applicable offering document, if and when distributed, in connection with the contemplated offering of the Bonds, which prospective investors should review in its entirety.

This announcement is for informational purposes only. The University may modify, discontinue or postpone consideration of the financing at any time, without notice.

The dissemination of this announcement does not constitute or imply any representation: (i) that the foregoing is material to investors; (ii) regarding any other financial, operating or other information about the University or any outstanding bonds; or (iii) that no other circumstances or events have occurred or that no other information exists concerning the University, the Bonds, the proposed financing, or any outstanding bonds which may have a bearing on the financial condition of the University, the security for the Bonds or any outstanding bonds, or an investor’s decision to buy, sell or hold the Bonds or any other bonds of the University.

The information provided in this announcement notice is current as of the date hereof, but there may be events that occur after such date that could change the information that is presented herein. The information provided in this voluntary notice should not be construed as a prediction or representation about future events or the financial performance of the University. The potential transactions described herein are subject to conditions and circumstances that may or may not occur, and no assurance is given that any such transactions will in fact occur. Any potential transaction, if pursued, may be discontinued at any time. By making this announcement, the University does not undertake to make any additional announcements. The University disclaims any obligation to update this announcement.

___________________________

* Preliminary, subject to change.


STORY TAGS: United States, North America, Pennsylvania, Funding, Bond Issue, University, Education,

Video

White House Live Stream
LIVE VIDEO EVERY SATURDAY
alsharpton Rev. Al Sharpton
9 to 11 am EST
jjackson Rev. Jesse Jackson
10 to noon CST


Video

LIVE BROADCASTS
Sounds Make the News ®
WAOK-Urban
Atlanta - WAOK-Urban
KPFA-Progressive
Berkley / San Francisco - KPFA-Progressive
WVON-Urban
Chicago - WVON-Urban
KJLH - Urban
Los Angeles - KJLH - Urban
WKDM-Mandarin Chinese
New York - WKDM-Mandarin Chinese
WADO-Spanish
New York - WADO-Spanish
WBAI - Progressive
New York - WBAI - Progressive
WOL-Urban
Washington - WOL-Urban

Listen to United Natiosns News