Immaculata University will issue USD 37.72m in revenue bonds in a negotiated sale tomorrow (24 October), with Janney Montgomery Scott LLC as the underwriter.
The university suffered significant enrollment declines in recent years, which led to recurring operating losses. New leadership is implementing various enrollment initiatives, which are likely to restrain revenue growth and hurt student demand in the long run.
The current offering is for refunding purpose and will help the university to reduce exposure to interest rate risk. However, the university remains highly levered.
CLICK HERE to access the full report.
CLICK HERE to access the preliminary official statement.