Stevens Institute of Technology Revenue Bonds (NJ)

CUSIP: 646066M31

NAME: Stevens Institute of Technology Revenue Bonds (NJ)

COUPON: 4.00%

MATURITY: 7/1/2047

BONDHOLDER SECURITY: Secured by a lien on tuition and all revenues held in the funds and accounts with the exception of the Rebate Fund, the Project Fund, and the Additional Loan Payments Fund.

USE OF BOND PROCEEDS: 2017 Series A Bonds are being issued to refund all of the bonds to be refunded, finance the Capital Project (building new research and academic buildings and expanding the Babbio Garage), and assist in paying for the issuance of the 2017 Series A Bonds.

RATINGS:            S&P:    A-    (stable outlook)         as of 3/1/17

OBLIGOR PROFILE: Stevens Institute of Technology is a private research university with 2,976 undergrad students and 3,623 grad students. It was founded in 1870 and its 55 acre campus is located in Hoboken, NJ. Stevens is renowned for its engineering program and is ranked as one of the better value schools in the country. Stevens has an endowment of $174 million and a total long-term debt of $66.7 million.

  • 95% of its graduates secure their career outcomes within 6 months of graduating
  • Average starting salary of $66,000 is the second highest in NJ
  • Total student headcount has increased 10% from 2012, primarily driven by a larger undergraduate population
  • The number of applications received has increased 81% since 2012
  • Operating surplus has been increasing over the years due to revenue growth from tuition and fees outpacing operating expenses

(Source: Official Statement dated March 6, 2017)

 

Although this information is obtained from sources believed to be reliable, we cannot guarantee its completeness or accuracy.  For complete information regarding these bonds, please review the Official Statement, which can be provided upon request.  Investing in bonds involves risk including possible loss of principal.  Income may be subject to state, local, or federal alternative minimum tax.  Offerings are subject to prior sale and market conditions.  Bonds are subject to availability and price fluctuations.  As with any investment, market values may fluctuate during the period the bonds are held.  For specific yield and suitability of this offering, please contact your R. Seelaus & Co. Financial Advisor at 1-800-922-0584. Securities are offered through R. Seelaus & Co. 25 Deforest Ave. Suite 304, Summit, NJ 07901 Member FINRA/SIPC