Citizens For A Better Norwood

Tuesday, January 12, 2010

Xavier issuing bonds for new construction this Thursday

Xavier University’s campus is getting ready to grow again with the construction of a new 240,000 square feet residence hall and dining complex near the corner of Ledgewood and Herald.

The complex, which is scheduled to be completed in the fall of 2011, will house approximately 525 students in suite-style living in four connected buildings. The new dining facility will have a seating capacity of up to 800 and will replace the Hoff Marketplace dining hall in the Cintas Center.

To help finance the construction, Xavier University will issue approximately $48 million in tax exempt bonds this Thursday, January 14, 2010 through the State of Ohio Higher Educational Facility Commission. For more information on the bonds, please see the information below.

The project is scheduled to begin next month with the demolition of several houses on Ledgewood and Herald. Offices currently in those buildings are being relocated to other spaces on campus.

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.

Xavier University
2010 Bond Issue
January 11, 2010

Xavier University is in the process of issuing approximately $48 million in tax exempt bonds, through the State of Ohio Higher Educational Facility Commission, for the construction of a new on-campus student residence hall and dining facility. The project will include suite style rooms to accommodate approximately 525 students and an 800 seat dining facility.

The bonds will be at fixed interest rates scheduled to mature in various years through May 1, 2040 and are a general obligation of the 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.

The bonds are currently scheduled to be priced on January 14, 2009. Individuals and organizations interested in more information concerning the availability or possible purchase of these bonds should consult with their current financial advisor/investment broker before the January 14 pricing date.