Westminster College closed its $13 million Series 2021 Bonds issued through the Industrial Development Authority of Callaway County on July 29.
The Series 2021 Bonds are a combination of tax-exempt and taxable revenue bonds.
Westminster is a nonprofit corporation and operates a private four-year college. It owns and operates the America's National Churchill Museum, and about $3 million of the proceeds of the bond will be used to provide facility improvements, updates and renovations to the museum.
The rest of the proceeds will be used with other available funds to refund and redeem all outstanding Series 2012 Bonds issued by the Authority and loaned to Westminster as well as used to fund certain reserves for the benefit of the Series 2021 Bonds and 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 significant financial transaction for the college," said Donald P. Lofe Jr., president and chief transformation officer of the college. "The overall terms and conditions of the Series 2021 Bonds facilitate a more efficient and effective financial capital structure for the college as well as providing the opportunity for new liquidity to fund the museum's improvements and renovations."
Lofe added the successful completion of the transaction furthers Westminster's ongoing financial sustainability and transformational initiatives.
"The college is most appreciative of the support that it received from the authority, the Callaway County Commission, the Callaway Chamber of Commerce, and the city of Fulton to successfully complete this transaction," said Lofe.
For more information, contact Sarah Backer at [email protected] or call 573-592-5438.