Higher Education and Student Loan Financing

Facilities Financings

In the past eight years, Orrick has served as bond counsel or underwriters' counsel with respect to more than 525 issues aggregating nearly $35 billion on behalf of colleges and universities. These include The Regents of the University of California and the Trustees of The California State University (which have continual capital needs for their more than 30 campuses, satellite campuses and research stations), more than 30 private California institutions of higher education, and institutions located in other states. Among the private, California institutions of higher education with whom we have worked are: The American Film Institute; California College of Arts and Crafts; California Lutheran University; California Western School of Law; Chapman University; all six of The Claremont Colleges (Pitzer, Scripps, Harvey Mudd, Pomona, Claremont McKenna Colleges, and Claremont University Center); College of Notre Dame; Dominican College of San Rafael; Golden Gate University; Humphries College; Loyola Marymount University; Menlo College; Mills College; The Monterey Institute of International Studies; National University; Occidental College; Pepperdine University; Point Loma Nazarene College; The San Francisco Conservatory of Music; Santa Clara University; St. Mary's College of California; Stanford University; University of La Verne; University of the Pacific; University of Redlands; University of San Diego; University of San Francisco; University of Southern California; and Westmont College. In addition, we are one of the regular bond counsel for the Dormitory Authority of the State of New York, which handles the tax-exempt financing for most of the private educational institutions in New York State.

We have been involved with facilities financings encompassing a wide variety of financing techniques and structures, including for example, traditional fixed-rate debt, variable rate debt, commercial paper, balloon payment debt with refinancing options, bonds, certificates of participation, pooled financings, "on behalf of" (63-20) nonprofit corporation tax-exempt issues, taxable as well as tax-exempt debt, novel revenue sources (including, for example, indirect cost recovery revenues and nonresident student tuition revenues), derivative products, and private placements of unrated debt. The facilities financed include every type of capital improvement seen on college campuses, such as research facilities and laboratories, instructional facilities, data processing and telecommunications equipment, infrastructure and cogeneration facilities, teaching hospitals, bookstores, sports and recreation centers, libraries, parking, student centers, student health centers and student, faculty and staff housing.