Westminster Announces Closing of $ 13 Million Bond Funding

Submitted by Sarah Backer Proceeds from the 2021 Series Bonds will be used to repay and redeem all outstanding 2012 Series Bonds issued by the Authority, fund part of the costs of the National Churchill Museum of America, fund certain reserves for the benefit of the Series 2021 Bonds and pay certain fees and expenses incurred in connection with the sale and issue of the Series 2021 Bonds.

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Submitted by Sarah Backer Proceeds from the 2021 series bonds will be used to repay and redeem all outstanding 2012 series bonds issued by the Authority, finance part of the costs of the America’s National Churchill Museum, fund certain reserves in the profit of the Series 2021 Bonds and pay certain fees and expenses incurred in connection with the sale and issuance of the Series 2021 Bonds.

Westminster College closed its $ 13 million Series 2021 bonds issued through the Callaway County Industrial Development Authority on July 29.

Series 2021 Bonds are a combination of tax-exempt and taxable income bonds.

Westminster is a not-for-profit corporation and operates a four-year private college. It owns and operates the America’s National Churchill Museum, and approximately $ 3 million of the proceeds from the bond will be used to provide improvements, updates and renovations to the museum’s facilities.

The remainder of the proceeds will be used with other funds available to redeem and repurchase all outstanding 2012 series bonds issued by the Authority and loaned to Westminster as well as to fund certain reserves for the benefit of the 2021 series bonds and to pay certain fees and expenses incurred in connection with the sale and issuance of the Series 2021 Bonds.

“We are obviously very pleased with the successful closing of this important financial transaction for the college,” said Donald P. Lofe Jr., president and director of transformation for the college. “The terms and conditions of the 2021 series bonds facilitate a more efficient and effective financial capital structure for the college while providing the potential for new liquidity to fund museum improvements and renovations. “

Lofe added that the success of the transaction strengthens Westminster’s financial sustainability and ongoing transformation initiatives.

“The college is very grateful for the support it received from the Authority, the Callaway County Commission, the Callaway Chamber of Commerce and the Town of Fulton in bringing this transaction to fruition,” Lofe said. .

For more information, contact Sarah Backer at [email protected] or call 573-592-5438.

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