Temple University plans to issue $219.5 million of municipal bonds to refund existing debt.
The First Series of 2025 Temple University of the Commonwealth System of Higher Education Revenue Bonds have maturities ranging from 2026 through 2045, according to documents posted Tuesday on MuniOS.
Pricing is scheduled for Jan. 29 and closing on Feb. 11.
Proceeds of the sale, together with other available funds, will be used to refund Temple University Revenue Bonds, First Series of 2015, 2016, and 2020, as well as Second Series of 2016 bonds. Proceeds will also be used to pay the costs of issuance, according to a document on MuniOS.
Interest on the bonds is payable initially on April 1, 2025, and semiannually thereafter on April 1 and Oct. 1.
The bonds are a general interest obligation of Temple University, and are payable from the gross revenue, which includes appropriations from the state. Total revenue without donor restrictions in fiscal 2024 was $1.3 billion, according to the roadshow document.
Temple University was founded in 1884 and is situated on six campuses in Pennsylvania, with its main campus located in North Philadelphia. Fall 2024 enrollment was approximately 30,000 students, making it one of the 50 largest public, fully accredited higher education institutions in the U.S.
S&P Global Ratings and Moody’s have assigned ratings of A+ and Aa3 to the bonds, respectively.
Loop Capital Markets is senior managing underwriter on the transaction.
Provided by Dow Jones Jan 29, 2025 3:24pm
By Patrick Sheridan
Write to Patrick Sheridan at [email protected]
(END) Dow Jones Newswires
January 29, 2025 18:24 ET (23:24 GMT)
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