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Drexel University Revenue Refunding Bonds, Series of 2016

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Drexel University Revenue Refunding Bonds, Series of 2016 NEW ISSUE: Book Entry Only Standard & Poor’s: “A” Moody’s: “A3” (See “Ratings” herein) In the opinion of Bond Counsel, interest on the 2016 Bonds is not includable in gross income for purposes of federal income taxation under existing statutes, regulations, rulings and court decisions, subject to the conditions described in “TAX MATTERS” herein, and interest on the 2016 Bonds is not treated as an item of tax preference under Section 57 of the Internal Revenue Code of 1986, as amended (the “Code”) for purposes of the individual and corporate alternative minimum taxes. However, under the Code, such interest may be subject to certain other taxes affecting corporate holders of the 2016 Bonds. Under the laws of the Commonwealth of Pennsylvania, the 2016 Bonds are exempt from personal property taxes in Pennsylvania, and interest on the 2016 Bonds is exempt from Pennsylvania personal income tax and the Pennsylvania corporate net income tax. For a more complete discussion, see “TAX MATTERS” herein. $117,130,000 PENNSYLVANIA HIGHER EDUCATIONAL FACILITIES AUTHORITY (Commonwealth of Pennsylvania) Drexel University Revenue Refunding Bonds, Series of 2016 Dated: Date of Delivery Due: May 1, as shown on inside cover Interest on the Drexel University Revenue Refunding Bonds, Series of 2016 (the “2016 Bonds”) is payable on May 1 and November 1 in each year until maturity or earlier redemption, commencing November 1, 2016. The 2016 Bonds are payable by The Bank of New York Mellon Trust Company, N.A., as successor trustee (the “Trustee”) pursuant to a Trust Indenture dated as of March 1, 1985, as previously amended and supplemented and as further supplemented by a Twenty-First Supplemental Trust Indenture, dated as of August 1, 2016 between the Pennsylvania Higher Educational Facilities Authority (the “Authority”) and the Trustee. The 2016 Bonds are issuable only in fully registered form without coupons, and, when issued, will be registered in the name of Cede & Co., as registered owner and nominee for The Depository Trust Company (“DTC”), New York, New York. Purchases of beneficial ownership interests in the 2016 Bonds will be made in book entry only form in denominations of $5,000 or any integral multiple thereof. So long as Cede & Co., as nominee of DTC is the registered owner, principal or redemption price of and interest on the 2016 Bonds is payable directly to DTC for redistribution to DTC Participants and in turn to the Beneficial Owners as described herein. Purchasers of the 2016 Bonds will not receive physical delivery of certificates representing their ownership interests in the 2016 Bonds purchased. See THE“ 2016 BONDS - Book Entry Only System” herein. The 2016 Bonds are subject to redemption prior to maturity as more fully described herein. The 2016 Bonds are being issued for the benefit of Drexel University (the “University”) to provide funds, together with other available funds, for a project consisting of: (i) the current refunding of all of the Authority’s outstanding Drexel University Revenue Bonds, Series A of 2005 maturing on May 1, 2018 through and including May 1, 2034 (the “2005 Bonds”); (ii) the advance refunding of all of the Authority’s outstanding Drexel University Revenue Bonds, Series A of 2007 maturing on May 1, 2030 through and including May 1, 2037 (the “2007A Bonds”); (iii) the advance refunding of all of the Authority’s outstanding Drexel University College of Medicine Revenue Bonds, Series of 2007 maturing on May 1, 2017 through and including May 1, 2037 (the “2007 Bonds, and together with the 2005 Bonds and the 2007A Bonds, the “Refunded Bonds”); and (iv) the payment of costs of issuing the Bonds (the “2016 Project”). See “PLAN OF FINANCE” herein. THE 2016 BONDS ARE LIMITED OBLIGATIONS OF THE AUTHORITY AND SHALL NOT BE DEEMED TO CONSTITUTE A GENERAL OBLIGATION OF THE AUTHORITY OR A DEBT OF THE COMMONWEALTH OF PENNSYLVANIA, OR ANY POLITICAL SUBDIVISION, AGENCY OR INSTRUMENTALITY THEREOF. NEITHER THE GENERAL CREDIT OF THE AUTHORITY NOR THE CREDIT OR THE TAXING POWER OF THE COMMONWEALTH OF PENNSYLVANIA OR ANY POLITICAL SUBDIVISION, AGENCY OR INSTRUMENTALITY THEREOF IS PLEDGED FOR THE PAYMENT OF THE PRINCIPAL OR REDEMPTION PRICE OF, OR INTEREST ON, THE 2016 BONDS. THE AUTHORITY HAS NO TAXING POWER. See “BONDHOLDERS’ RISKS” for certain risks associated with an investment in the 2016 Bonds. This cover page contains certain information for quick reference only. It is not a summary of the issue. Investors must read the entire Official Statement to obtain information essential to making an informed investment decision regarding the 2016 Bonds. The 2016 Bonds are offered for delivery when, as and if issued by the Authority, and received by the Underwriters and subject to the approving legal opinion of Saul Ewing LLP, Philadelphia, Pennsylvania, Bond Counsel. Certain legal matters will be passed upon for the Authority by its Counsel, Barley Snyder LLP, Lancaster, Pennsylvania; for the University by its Counsel, Ballard Spahr LLP Philadelphia, Pennsylvania; and for the Underwriters by their counsel Dilworth Paxson LLP, Philadelphia, Pennsylvania. It is expected that the 2016 Bonds will be available for delivery through the facilities of DTC in New York, New York on or about August 2, 2016. Wells Fargo Securities J.P. Morgan Ramirez & Co., Inc. Dated: July 21, 2016 $117,130,000 PENNSYLVANIA HIGHER EDUCATIONAL FACILITIES AUTHORITY (Commonwealth of Pennsylvania) Drexel University Revenue Refunding Bonds, Series of 2016 MATURITIES, AMOUNTS, INTEREST RATES, YIELDS AND PRICES Serial Bonds (10 Year Call) Principal Interest May 1 Amount Rate Yield Price CUSIP* 2022 $10,000 2.000% 1.460% 102.965 70917S XD0 2023 720,000 5.000% 1.570% 121.875 70917S XE8 2024 2,565,000 5.000% 1.710% 123.774 70917S XF5 2025 2,705,000 5.000% 1.860% 125.237 70917S XG3 2026 2,845,000 5.000% 2.000% 126.445 70917S XH1 2027 2,990,000 5.000% 2.110% 125.338† 70917S XJ7 2028 3,140,000 5.000% 2.220% 124.242† 70917S XK4 2029 3,290,000 5.000% 2.310% 123.354† 70917S XL2 2030 1,500,000 5.000% 2.360% 122.864† 70917S XM0 2031 5,240,000 5.000% 2.400% 122.473† 70917S XN8 2032 5,755,000 5.000% 2.480% 121.697† 70917S XP3 2033 14,810,000 5.000% 2.520% 121.311† 70917S XQ1 2034 16,645,000 5.000% 2.560% 120.926† 70917S XR9 2035 17,480,000 5.000% 2.580% 120.734† 70917S XS7 2036 18,355,000 4.000% 2.910% 109.189† 70917S XT5 Serial Bond (5 Year Call) Principal Interest May 1 Amount Rate Yield Price CUSIP* 2037 $19,080,000 3.000% 3.110% 98.324 70917S XU2 * CUSIP is a registered trademark of the American Bankers Association (the “ABA”). CUSIP data is provided by CUSIP Global Services, which is managed on behalf of the ABA by S&P Capital IQ, a division of McGraw Hill Financial, Inc. The CUSIP numbers listed above are being provided solely for the convenience of the holders of 2016 Bonds only at the time of issuance of the 2016 Bonds and the City and the Underwriters do not make any representation with respect to such CUSIP numbers or undertake any responsibility for their accuracy now or at any time in the future. The CUSIP numbers are subject to being changed after the issuance of the 2016 Bonds as a result of various subsequent actions including, but not limited to, a refunding in whole or in part of the 2016 Bonds or as a result of the procurement of secondary market portfolio insurance or other similar enhancement by investors that may be applicable to all or a portion of the 2016 Bonds. † Priced to first optional call date of May 1, 2026. PENNSYLVANIA HIGHER EDUCATIONAL FACILITIES AUTHORITY (Commonwealth of Pennsylvania) 1035 Mumma Road Wormleysburg, PA 17043 BOARD MEMBERS Honorable Thomas W. Wolf President Governor of the Commonwealth of Pennsylvania Vice President Honorable Lloyd K. Smucker Designated by the President Pro Tempore of the Senate Vice President Honorable Andrew E. Dinniman Designated by the Minority Leader of the Senate Vice President Honorable Stanley E. Saylor Designated by the Speaker of the House of Representatives Treasurer Honorable Timothy A. Reese State Treasurer Secretary Honorable Curtis M. Topper Secretary of General Services Board Member Honorable Anthony M. DeLuca Designated by the Minority Leader of the House of Representatives Board Member Honorable Eugene A. DePasquale Auditor General Board Member Honorable Pedro A. Rivera Secretary of Education EXECUTIVE DIRECTOR Robert Baccon AUTHORITY COUNSEL (Appointed by the Office of General Counsel) Barley Snyder LLP Lancaster, Pennsylvania TRUSTEE The Bank of New York Mellon Trust Company, N.A., Philadelphia, Pennsylvania BOND COUNSEL (Appointed by the Office of General Counsel) Saul Ewing LLP Philadelphia, Pennsylvania UNIVERSITY COUNSEL Ballard Spahr LLP Philadelphia, Pennsylvania IN CONNECTION WITH THIS OFFERING THE UNDERWRITER MAY OVER- ALLOT OR EFFECT TRANSACTIONS THAT STABILIZE OR MAINTAIN THE MARKET PRICE OF THE 2016 BONDS AT A LEVEL ABOVE THAT WHICH MIGHT OTHERWISE PREVAIL IN THE OPEN MARKET. SUCH STABILIZING, IF COMMENCED, MAY BE DISCONTINUED AT ANY TIME. THE ORDER AND PLACEMENT OF MATERIALS IN THIS OFFICIAL STATEMENT, INCLUDING THE APPENDICES, ARE NOT TO BE DEEMED TO BE A DETERMINATION OF RELEVANCE, MATERIALITY, OR IMPORTANCE, AND THIS OFFICIAL STATEMENT, INCLUDING THE APPENDICES, MUST BE CONSIDERED IN ITS ENTIRETY. THE OFFERING OF THE 2016 BONDS IS MADE ONLY BY MEANS OF THIS ENTIRE OFFICIAL STATEMENT. The information set forth herein has been obtained from the Pennsylvania Higher Educational Facilities Authority (the “Authority”), Drexel University (the “University”), and other sources which are believed to be reliable, but the information provided by sources other than the Authority is not guaranteed as to accuracy or completeness by the Authority.
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