Successful Bond Issue Highlights College’s StrengthsBard College has successfully completed a $250 million bond issuance through the Local Development Corporation of Dutchess County. This new issue of tax-exempt bonds refinances outstanding bonds at lower interest rates and includes nearly $20 million in new money for facility improvements that will lower operating costs by improving energy efficiency.
The strength of this bond issue is attributed to the College’s notable success in navigating the pandemic, its unique national and international programs, and strong undergraduate recruiting and donor support. High demand for the issuance, which was oversubscribed more than eightfold, allowed the College lower interest rates by 12.5 basis point from the initial pricing.
“Led by its Board of Trustees, Bard is now poised to follow the path of endowment growth. We intend to build undergraduate endowment funds sufficient to put Bard on par with its well-endowed peers,” said Bard College President Leon Botstein. “The caliber of the programs, curriculum, ideals and faculty, staff and students has been recognized by the investment community. Bard is grateful for that vote of confidence.”
“The bullish view of Bard’s public bond offering is testament to the College’s broad recognition as one of the nation’s most innovative liberal arts colleges.” said Taun Toay, Bard’s Senior Vice President and Chief Financial Officer. “This issuance streamlines the College’s finances and sets the stage for our forthcoming capital campaign.” He added, “We felt it was important keep the benefits of this issuance local by working through the Dutchess County Local Development Corporation and New York-based underwriters.
About Bard College
Founded in 1860, Bard College is a four-year residential college of the liberal arts and sciences located 90 miles north of New York City. With the addition of the Montgomery Place estate, Bard’s campus consists of nearly 1,000 parklike acres in the Hudson River Valley. It offers bachelor of arts, bachelor of science, and bachelor of music degrees, with majors in nearly 40 academic programs; graduate degrees in 11 programs; eight early colleges; and numerous dual-degree programs nationally and internationally. Building on its 160-year history as a competitive and innovative undergraduate institution, Bard College has expanded its mission as a private institution acting in the public interest across the country and around the world to meet broader student needs and increase access to liberal arts education. The undergraduate program at our main campus in upstate New York has a reputation for scholarly excellence, a focus on the arts, and civic engagement. Bard is committed to enriching culture, public life, and democratic discourse by training tomorrow’s thought leaders. For more information about Bard College, visit bard.edu.
# # #12/24/20
Bard Press Contact:Mark Primoff
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