The University of New Haven recently completed the sale of $96.7 million in bonds to help pay off debt it incurred for the school’s decade-long expansion from a mostly commuter school to a larger residential campus, officials said Tuesday.
Wells Fargo Securities, which served as senior underwriter in the sale, said the bond sale was structured with serial tax-exempt bonds and serial taxable bonds.
The sale will fund outstanding bank debt, which helped the university complete $250 million in improvements to its facilities over the last decade, Wells Fargo officials said.
“The University of New Haven’s bond issuances mark a significant step in the university’s transformation,” said Stratford Shields, head of Wells Fargo Securities’ Public Finance group.
The University plans to issue another $25 million in bonds in July to help pay for the planned development and construction of the 40,000-square-foot Bergami Center for Science, Technology and Innovation, Wells Fargo said.
Natalie Missakian can be reached at news@newhavenbiz.com
