June 4, 2021 – Valparaiso, Indiana – Valparaiso University recently sold $17,355,000 in Indiana Finance Authority, Educational Facilities Refunding Revenue Bonds, Series 2021 (Valparaiso University Project).

The Series 2021 bonds are general obligations of the University and were sold to refinance all of the University’s outstanding Series 2010 bonds. As a result of the successful sale, the University will achieve net present value savings for the transaction totaling $3.9 million, or 20% of the refunded bonds. Annual cash flow savings will be approximately $300,000 per year through maturity in fiscal year 2036. The Series 2021 bonds are scheduled to close on June 17, 2021.

“We are very pleased with the outcomes of this refinancing,” said Susan D. Scroggins, CPA, ’04 MBA, senior vice president for finance and treasurer of the Board of Directors. “The strategy of patiently waiting until the markets recovered resulted in substantial savings for the University. A savings of just over 20% is truly significant, and the University will continue to reap the benefits of this refinancing through maturity.”

Scroggins led the efforts and leveraged the expertise of a very seasoned underwriting and financing team — an approach that has worked well for the University historically. That team included Wells Fargo (sole underwriter), the Yuba Group (advisor) and Ice Miller (bond counsel) among others who waited patiently along with the University and provided sound advice along the way.

The refinancing was originally planned for the summer of 2020 — until the COVID-19 pandemic impacted markets substantially. Continued monitoring of the market through the latter half of 2020 and early 2021 led to the pricing on May 25, 2021.