1752 N St. NW Washington, DC 20036
Founded in 1899, the American Society for Microbiology (ASM) is the largest single life science society in the world, composed of over 50,000 scientists and health professionals. ASM’s mission is to promote and advance the microbial sciences. ASM publishes a variety of scientific journals, textbooks, and other educational materials related to microbiology and infectious diseases. Additionally, ASM organizes numerous annual meetings, workshops and other professional development opportunities for its members. At the time of its financing in 2018, ASM employed approximately 170, had an annual operating budget of over $50 million and unrestricted cash and investment of over $120 million.
ASM’s project involved borrowing approximately $9.7 million to refinance its outstanding Series 1999 Variable Rate Demand Bonds and fund related transaction costs.
ASM’s Series 2018 Bonds were structured as $9.7 million fully-amortizing, non-bank qualified tax-exempt debt. Wye River Group conducted a competitive financing solicitation for ASM’s resulting in 12 highly-competitive financing proposals.
Wye River had the privilege of working closely with ASM management in this refinancing project. Our services included:
