Westminster College Announces the Successful Closing of the Conversion from Taxable to Tax-Exempt of its Series 2021B Bonds

FULTON, MO — June 9, 2022: Westminster College (“College”) announced the successful closing of the conversion of its $6,085,000 outstanding (Par Value) Series 2021B Bonds previously issued through the Industrial Development Authority of Callaway County, Missouri (“Authority”), from taxable bonds to tax-exempt bonds on May 4, 2022. The Series 2021B Bonds are one of three series of bonds issued in July 2021 as a combination of tax-exempt and taxable revenue bonds. The Series 2021B Bonds were expected at the time of issuance to convert from taxable bonds to tax-exempt bonds at a future date, and the May 4 conversion closing was the successful completion of that expected step. Similarly, the outstanding Series 2021C Bonds are also expected to convert to tax-exempt bonds at a future date if certain terms and conditions of the taxable revenue bonds are satisfied as well as the bonds comply at the time of conversion with the federal tax code.

The College, located in Fulton, MO, is a nonprofit corporation and operates a private four-year college. Additionally, the College owns and operates the historic America’s National Churchill Museum (“Museum”), for which a portion of the proceeds of the Series 2021 Bonds will be used for facility improvements, updates, and renovations.

“We are obviously very pleased with the successful closing of the conversion of our Series 2021B Bonds from taxable bonds to tax-exempt bonds. This conversion will reduce the College’s borrowing costs for these specific bonds and was a significant structural and financial component of the overall Series 2021 Bonds transaction previously closed in July 2021 by the College,” said Donald P. Lofe, Jr., President and Chief Transformation Officer of the College. Lofe added, “Westminster is, again, most appreciative of the support it received from the Authority, the Callaway County Commission, the Callaway Chamber of Commerce, and the City of Fulton to successfully complete this specific transaction.”

The Series 2021 Bonds were previously sold to certain sophisticated investors in July 2021 in a private placement transaction. UMB Bank, n.a., Capital Markets Division, acted as placement agent with respect to the Series 2021 Bonds. Thompson Coburn LLP acted as bond counsel and legal counsel. Gilmore & Bell, PC, acted as the placement agent’s counsel in connection with the issuance of the Series 2021 Bonds. Kaufman, Hall and Associates, LLC, advised the College, both before and during the process of the issuance of the Series 2021 Bonds and in connection with the College’s capital planning and analysis as well as general strategic planning initiatives. These firms again provided similar support for the closing of this specific conversion transaction. Williams-Keepers, LLP, Certified Public Accountants, provided certain accounting and compilation services to the College in connection with the previous transaction.

About Westminster College: Founded in 1851 and home of Winston Churchill’s “Iron Curtain” speech, Westminster College in Fulton, MO, is ranked prestigiously by U.S. News & World Report as the only National Liberal Arts College in Missouri. The institution is in the top 15 percent for graduate earnings and boasts a 98 percent placement rate. Westminster also is a Forbes Best Value College. Westminster focuses on educating and inspiring students to become the world leaders of tomorrow. To find out more about Westminster, please visit the College’s website.

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Sarah Rummel Backer

Sarah Rummel Backer is a Media and Content Strategist at Westminster College in Fulton, MO. A 1992 graduate of the College, Sarah has more than 20 years of experience in marketing and strategic communication in the areas of higher education, medicine, agriculture, and the private business sector.