California to Issue $131.8 Million in Bonds for Saint Ignatius College Prep Campus

By Patrick Sullivan

The California Municipal Finance Authority is selling $131.8 million in revenue bonds backing renovations and improvements at Saint Ignatius College Preparatory campus.

Proceeds from the issue would be used to build a New Learning Commons for the Jesuit school, which is expected to consist of a roughly $185 million transformation of the existing campus with 165,000 square feet of flexible, sustainable space to enhance immersive and project/technology-based learning, according to a preliminary offering statement posted Tuesday on MuniOS.com. Construction is set to begin in December.

In addition to the bonds, construction will be paid for by $26.3 million in donations and $14.4 million from unrestricted endowments.

Interest rate and pricing information aren't yet available. Pricing is expected Wednesday, with settlement expected on July 30.

Bondholders would be paid back with money from the school, whose sources of funds include tuition payments, rentals and other fees. San Francisco-based Saint Ignatius College Preparatory is a four-year coeducational school.

S&P Global Ratings assigned a rating of A to the bonds.

Oppenheimer and Piper Sandler are listed as underwriters on the sale.

Write to Patrick Sullivan at [e-mail]

(END) Dow Jones Newswires

07-16-24 1812ET