Investors Able to Place Orders for the Bonds Starting Dec. 9th
MILWAUKEE, Wis. — Marquette University today announced that it will issue $83.6 million of federal tax-exempt bonds beginning Wednesday, Dec. 9. Community residents and other interested investors will have the opportunity to purchase the bonds. The new bonds will convert previously issued variable rate bonds, which were used to finance the construction of the new Law School and renovate several residence halls, to fixed rate bonds. Robert W. Baird & Co. is serving as underwriter for the offering.
“We want to take advantage of the current historically low interest rates that are available to us,” said Chuck Lamb, the university’s vice president for finance. “Like your home mortgage, we’re moving from a variable rate loan that could go up unexpectedly to a fixed rate that is predictable from year to year. The new fixed rate bonds will provide a more secure, stable debt tool for the future.”
The new bonds, which carry an “A2” rating by Moody’s Investor Services, will have a maturity of 24 years and will be sold in increments of $5,000. The bond will provide investors with a fixed-income security that maximizes after-tax income since the interest earned is exempt from federal tax. Investors interested in purchasing the bonds should contact their financial advisor.
Eckstein Hall, the new Law School facility, will open in August 2010. Designed to be a signature building at the southeast corner of the Marquette campus, at 11th Street and Clybourn Avenue, the 200,000 square foot building will set a new standard for law school facilities. The four-story facility includes two courtrooms, a conference center, classrooms, faculty office suites, a library with a two-story reading room, and a café. Below the building will be a two-level, 170-space parking garage.
The residence hall renovations include the refurbishing of an eight-story apartment building as a suite-style residence hall on the northeast corner of 17th Street and Wisconsin Avenue. McCabe Hall houses more than 200 sophomores in two- and three-room units. The architects and contractors salvaged some of the original architectural features of the 1920s building, including plaster details, archways, high ceilings, terrazzo flooring and woodwork detailing. Other renovations included in the bond financing are sprinkler systems and systems updates in several other halls.
About Marquette University
For more than 125 years, Marquette University has inspired students to Be The Difference in their professional and personal lives. As Wisconsin’s largest private university, Marquette has more than 11,500 students who come from all 50 states and more than 70 countries to explore educational options ranging from intense undergraduate studies to specialized graduate and professional programs. Marquette is one of the lowest-cost private colleges among U.S. News and World Report’s top 100 national universities. Demand for a Marquette education has never been greater. More than 18,000 applicants applied for one of the 1,950 freshman seats available for fall 2009. Log on to marquette.edu for more information.
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