PHOENIX, (Dec. 11, 2024) – Colliers International Mortgage Advisory, LLC in Phoenix has arranged the $520 Million refinancing through the Industrial Development Authority of the County of Maricopa Education Bonds (Grand Canyon University Project Taxable Series 2024). This refinances two bridge loans that Colliers had arranged in October of this year and pays off its credit line. The new debt is a 3a2 bond financing and was issued as a partial refinance of the bonds issued in 2021 by the university.
“The scope of this refinancing is pretty significant in the higher education bond market and speaks to GCU’s outstanding financial performance and strong student outcomes in the six years since reverting to our historical tax-exempt Arizona nonprofit status,” GCU President, Brian Mueller said.
Refinancing of the 2021B 2024 series bonds allowed GCU to consolidate some of its debt and extend the maturity of this portion of bond debt to 2029.
“The blending of GCU’s industry leading higher education platform and its sizable real estate campus made this financing extremely attractive to institutional bond buyers,” said Colliers’ Western Debt, Equity & Structured Finance Leader and Managing Director, Bob Kline. “This bond financing could not have been executed without GCU’s innovative approach to higher education. We were able to achieve the $520 million capital raise for the client with the impressive collaboration of the entire GCU team, Colliers, Goldman Sachs and the law firms of Ballard Spahr and Nixon Peabody”.
Colliers Mortgage Advisory, LLC in Phoenix arranged the refinancing. The team was led by Debt, Equity, and Structured Finance Leader and Managing Director Robert Kline, assisted by Vice Chairman and National Director of the Education Advisory Group Todd Noel and Executive Vice President Mindy Korth.
The Goldman Sachs Higher Education group effort was led by the Head of Higher Education, Vice President John Stevenson, and Vice President Mark Somers.