Sarah Lawrence College Project
(Westchester County Local Dev. Corporate Revenue Bonds, Series 2016)
NAME: Westchester County Local Dev. Corp. Revenue Bonds, Series 2016, (Sarah Lawrence College Project – the “College”) – $41.9MM Series 2016A and $5.0MM Series 2016B – Taxable; (together, the 2016 Bonds)
COUPON: 4.00% (Series A)
BONDHOLDER SECURITY: Securing the bonds is a general obligation of the college. The 2016 Bonds are also secured by a Mortgage on certain real property of the College and a security interest in Tuition Revenues. The Mortgage is released and cancelled upon payment of Series 2001B in full. Series 2001B stated maturity is June 1, 2032.
USE OF BOND PROCEEDS: Proceeds from the series 2016 bonds will be used to advance refund the outstanding series A bonds and pay related issuance costs.
RATINGS: BBB (S&P)
OBLIGOR PROFILE: Sarah Lawrence College, founded in 1926, is located in southern Westchester County, 20 miles north of New York City and is an independent, residential, liberal arts college. With a full-time undergraduate population of 1,350 and graduate population of 270, the college has posted declines in enrollment the last two school years. 2016 acceptance ratio was 50% and matriculation ratio was 23%. FY 2017 Tuition represents 76% of College revenues. A $200MM capital campaign has seen $112MM raised so far, and net endowment growth shows 7.7% increase 2014-2015. 2015 is the last audited 5/31 fiscal year.
(Source: Official Statement dated Sept. 15, 2016; S&P report dated Sept. 12, 2016)
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