Municipal Finance
DePaul University

DePaul University, based in Chicago, is the largest Catholic higher-education institution in the United States, and one of the nation’s ten largest private universities. Established in 1898, the school works to provide a quality education through personal attention to students from a wide range of backgrounds. It has nine academic colleges on two main campuses, with a 2010, enrollment of 25,145 students.

The University is now in the middle of a major capital development plan, which includes a 115,000 square-foot academic building, an art museum, state-of-the-art facilities for the Theatre School and renovation and expansion of several other facilities.

To make these projects a reality, DePaul turned to Goldman Sachs for assistance in developing a cost-effective, prudent financing plan. Working closely with the university’s management and advisors, the Goldman Sachs banking team helped develop a debt offering strategy and assisted in the credit rating process. Additionally, the sales desk broadened the investor base for the offering and successfully placed it on the market in January 2011.

As a result, the University was able to finance a $115 million component of the project on a tax-exempt basis at an attractive borrowing cost. The new facilities are currently under construction and some of them are scheduled to begin serving students as soon as August 2011.

Source: DePaul University