Higher Educational Facilities Financing Authority (FL)
Barry University Project
Series 2022A and Series 2022B
Located in Miami, Florida, Barry University was originally founded in 1940 by the Adrian Dominican Sisters as Barry College for Women. Barry has since grown into a coeducational university that is one of the leading centers for education in South Florida. The Barry community includes approximately 7,600 students from 55 countries and nearly all 50 U.S. states; over 70,000 alumni worldwide; and 1,500 faculty and staff members.
The proceeds of the Series 2022A and 2022B Bonds were used to refinance the University’s Series 2011 Bonds and its 2021 taxable note and to fund certain capital improvements. The proceeds of the Series 2022C Bonds were used to refinance the University’s Series 2012 Bonds.
Each of the Series 2022A, 2022B, and 2022C Bonds were structured as tax-exempt direct purchase bank loans with Bridge Funding Group, Inc., a wholly-owned subsidiary of BankUnited, N.A. Funding is committed on each loan through their respective final maturities: 2040 in the case of Series 2022A; 2027 in the case of Series 2022B; and 2030 in the case of Series 2022C. All debt is secured on a parity basis under the University’s Master Trust Indenture. The Series 2022A and 2022B Bonds were currently settled on March 24, 2022. The Series 2022C will settle on or before October 6, 2022 in order to comply with current federal tax law constraints on advance refundings using tax-exempt debt. All of the economics of the Series 2022C have been committed through a Forward Purchase Agreement.