Xavier issues $48 million in bonds to finance a new residence hall and dining complex
The tax-exempt bonds are being sold on Thursday through the Ohio Higher Educational Facility Commission
Xavier University’s campus is getting ready to grow again with the construction of a new 240,000-square-foot residence hall and dining complex at the corner of Ledgewood Drive and Herald Avenue near the heart of campus. To help finance the construction, Xavier is issuing approximately $48 million in tax exempt bonds on Thursday, Jan. 14, through the Ohio Higher Educational Facility Commission.
The complex, scheduled for completion in the fall of 2011, is being built to house approximately 525 students in suite-style living in four connected buildings. The new dining hall will be able to seat up to 800 and is replacing the Hoff Marketplace dining hall in the Cintas Center.
Houses on Ledgewood and Herald are already being vacated in preparation for their demolition to begin next month. Offices in those buildings are being relocated to other spaces on campus. Groundbreaking is expected to begin in May.
Construction of the Hoff Academic Quad, currently underway at Xavier, is on schedule to open in August. The Quad includes the new Williams College of Business, the Conaton Learning Commons and a new Central Utility Plant.
The bonds are being issued at fixed interest rates scheduled to mature in various years through May 1, 2040, and are a general obligation of Xavier University. The bonds have received ratings from Moody’s, S&P and Fitch of A3, A- and A-, respectively. Barclays Capital is serving as senior manager, with Fifth Third Securities and PNC Capital Markets LLC as co-managers. Anyone interested in more information concerning the availability or possible purchase of these bonds should consult with their current financial advisor or investment broker before the Jan. 14 pricing date.