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Middletown’s Wesleyan University is planning a $75-million bond offering that will help fund major campus upgrades to its art, social science, and science academic buildings, officials said.
The private, nonprofit college, which serves nearly 3,000 full-time undergraduate students, said the bond funding will help with renovations or upgrades to the school’s Public Affairs Center (PAC) and science and art facilities.
In December, Standard & Poor’s credit-rating agency affirmed a AA credit rating for the bond issue, while Moody’s affirmed its Aa3 rating, the school said. The plan is to close on the bond funding this month.
“This bond issue will support strategic investment in Wesleyan’s campus, the student experience, and faculty resources,” Wesleyan’s Senior Vice President and Chief Administrative Officer and Treasurer Andrew Tanaka said in a statement. “We continue our focus on fiscal prudence and responsible stewardship of the generous donations made to Wesleyan. Our strong track record in this regard has helped Wesleyan build its capacity to borrow.”
Tanaka said borrowing now will allow Wesleyan to take advantage of historically low interest rates as the school pursues strategic campus investments.
Projects that will be helped by the funding, according to the school, include:
According to its investor’s prospectus, Wesleyan’s Middletown campus sits on 315 acres with 299 academic building totaling 2.76 million gross square feet. Its tuition is $56,704 for the 2019/2020 academic year, not including room and board, which cost an additional $15,723.
In fiscal 2019, the school recorded $231.5 million in revenues and had an operating margin of about $12 million. Its endowment is currently valued at about $1.1 billion.
Wesleyan isn’t the only area college planning a major expansion.
The University of Hartford is planning a major $90 million campus upgrade that will include construction of a new $58-million, 62,000-square-foot academic building for engineering and nursing majors.
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