Westminster College (the College) announced the successful closing of its $13010000 (Par Value) Series 2021 Bonds issued through the Industrial Development Authority of Callaway County MO (the Authority) on July 29 2021 The Series 2021 Bonds are a combination of tax-exempt and taxable revenue bonds The taxable revenue bonds are 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 America's National Churchill Museum (the Museum) for which approximately $3 million of the proceeds of the Series 2021 Bonds will be used to provide facility improvements updates and renovations to the historic Museum including the continued restoration of the 17th century Christopher Wren Church of St Mary the Virgin Aldermanbury which is the centerpiece of the Museum's collection (the Project)

Proceeds of the Series 2021 Bonds will be used together with other available funds to (a) refund and redeem all outstanding Series 2012 Bonds issued by the Authority and loaned to the College (b) fund a portion of the costs of the Project as noted above (c) fund certain reserves for the benefit of the Series 2021 Bonds and (d) pay certain fees and expenses incurred in connection with the sale and issuance of the Series 2021 Bonds

We are obviously very pleased with the successful closing of this significant financial transaction for the College said Donald P Lofe Jr President and Chief Transformation Officer of the College The overall terms and conditions of the Series 2021 Bonds facilitate a more efficient and effective financial capital structure for the College as well as providing the opportunity for new liquidity to fund the Museum's improvements and renovations

Lofe added the successful completion of the transaction furthers the College's ongoing financial sustainability and transformational initiatives The College is most appreciative of the support that it received from the Authority the Callaway County Commission the Callaway Chamber of Commerce and the city of Fulton to successfully complete this transaction he said

The Series 2021 Bonds which received significant market interest were sold to certain sophisticated investors in a private placement transaction UMB Bank na 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 throughout its general strategic planning Williams-Keepers LLC Certified Public Accountants provided certain accounting and compilation services to the College in connection with the 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 US News & World Report as the only National Liberal Arts College in Missouri The institution is in the top 16 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