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Of the Commonwealth System of Higher Education Taxable University Refunding Bonds, Series B of 2017

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PRELIMINARY OFFICIAL STATEMENT DATED MARCH 6, 2017 NEW ISSUE – BOOK-ENTRY ONLY Ratings: Moody’s: “___” Standard & Poor’s: “___” In the opinion of Ballard Spahr LLP, Bond Counsel, interest on the 2017B Bonds is not excludable from gross income for purposes of federal income tax. Under the laws of the Commonwealth of Pennsylvania, as currently enacted and construed, the 2017B Bonds are exempt from personal property taxes in Pennsylvania, and the interest on the 2017B Bonds is exempt from Pennsylvania personal income tax and corporate net income tax. See “TAX MATTERS” herein. $105,000,000* UNIVERSITY OF PITTSBURGH - Of the Commonwealth System of Higher Education Taxable University Refunding Bonds, Series B of 2017 Interest Payable: March 15 and September 15 Dated: Date of Issuance The University of Pittsburgh – Of the Commonwealth System of Higher Education (the “University”) is issuing its Taxable University Refunding Bonds, Series B of 2017 (the “2017B Bonds”). The 2017B Bonds are being issued pursuant to an Indenture of Trust dated as of January 1, 2017 (as previously amended and supplemented, the “General Indenture”) and a Second Supplemental Indenture of Trust dated as of March 1, 2017 (the “Second Supplemental Indenture”; the General Indenture as amended and supplemented by the Second Supplemental Indenture and as further amended and supplemented from time to time is referred to hereinafter as the “Indenture”), by and between the University and U.S. Bank National Association, as trustee (the “Trustee”). The proceeds of the 2017B Bonds will be used by the University for the purposes described under “PLAN OF FINANCE” herein. The 2017B Bonds will be issued in fully registered form in denominations of $1,000 and any integral multiple thereof and, when issued, will be registered in the name of Cede & Co., as nominee of The Depository Trust Company, New York, New York (“DTC”). DTC will act as securities depository for the 2017B Bonds. Individual purchases will be made in book-entry form only, in principal amounts of $1,000 and any integral multiple thereof. Purchasers of the 2017B Bonds will not receive physical certificates (except under certain circumstances described in the Indenture) representing their ownership interests in the 2017B Bonds purchased. Interest on the 2017B Bonds will be payable on March 15 and September 15 of each year, commencing on September 15, 2017. So long as the 2017B Bonds are held by DTC, the principal or redemption price of and interest on the 2017B Bonds will be payable by wire transfer to DTC, which in turn is required to remit such principal or redemption price and interest to the DTC Participants for subsequent disbursement to the Beneficial Owners of the 2017B Bonds, as more fully described in “BOOK-ENTRY ONLY SYSTEM AND GLOBAL CLEARANCE PROCEDURES” herein. The 2017B Bonds are subject to optional and mandatory redemption prior to their stated maturity, as described herein. See “THE 2017B BONDS – Redemption” herein. The 2017B Bonds are general, unconditional and unsecured obligations of the University. No specific revenues of the University are pledged with respect to the 2017B Bonds. See “SECURITY FOR THE 2017B BONDS” herein. THE 2017B BONDS ARE UNSECURED GENERAL OBLIGATIONS OF THE UNIVERSITY. THE 2017B BONDS DO NOT CONSTITUTE AN OBLIGATION OR INDEBTEDNESS OF THE COMMONWEALTH OF PENNSYLVANIA (THE “COMMONWEALTH”) OR ANY POLITICAL SUBDIVISION, AGENCY OR INSTRUMENTALITY THEREOF (OTHER THAN THE UNIVERSITY). NEITHER THE COMMONWEALTH NOR ANY POLITICAL SUBDIVISION, AGENCY OR INSTRUMENTALITY THEREOF (OTHER THAN THE UNIVERSITY) SHALL BE LIABLE FOR THE PAYMENT OF PRINCIPAL OF OR INTEREST ON THE 2017B BONDS. NEITHER THE FULL FAITH AND CREDIT NOR THE TAXING POWER OF THE COMMONWEALTH OR ANY POLITICAL SUBDIVISION, AGENCY OR INSTRUMENTALITY THEREOF (OTHER THAN THE UNIVERSITY) IS PLEDGED FOR THE PAYMENT OF THE PRINCIPAL OF OR INTEREST ON THE 2017B BONDS. THE UNIVERSITY HAS NO POWER AT ANY TIME OR IN ANY MANNER TO PLEDGE THE CREDIT OR THE TAXING POWER OF THE COMMONWEALTH OR ANY POLITICAL SUBDIVISION, AGENCY OR INSTRUMENTALITY THEREOF (OTHER THAN THE UNIVERSITY). THE UNIVERSITY HAS NO TAXING POWER. An investment in the 2017B Bonds involves risk. See “BONDHOLDERS’ RISKS” herein for a discussion of certain risk factors which should be considered in connection with an investment in the 2017B Bonds. This cover page contains certain information for quick reference only. It is not intended to be a summary of this issue. Investors must read the entire Official Statement to obtain information essential to the making of an informed investment decision. The 2017B Bonds are offered by the Underwriters when, as and if issued by the University and accepted by the Underwriters, subject to the approving legal opinion of Ballard Spahr LLP, Philadelphia, Pennsylvania, Bond Counsel, to be furnished upon delivery of the 2017B Bonds. Certain legal matters will be passed upon for the University by its Office of General Counsel, and for the Underwriters by their counsel, Campbell & Levine, LLC, Pittsburgh, Pennsylvania. It is expected that the 2017B Bonds will be available for delivery to DTC in New York, New York on or about March __, 2017. WELLS FARGO SECURITIES BARCLAYS HUNTINGTON INVESTMENT J.P. MORGAN PNC CAPITAL MARKETS LLC COMPANY The date of this Official Statement is March __, 2017. This Preliminary Official Statement and the information contained herein are subject to completion or amendment. Under no circumstances shall this Preliminary Official Statement constitute an offer to sell or the solicitation of an offer to buy, buy, to Under no circumstances shall this Preliminary to sell or the solicitation of an offer This Preliminary Official Statement constitute an offer contained herein are subject to completion or amendment. Official Statement and the information any such jurisdiction. priorlaws of qualification or filing under the securities to registration, be unlawful solicitation or sale would sale of these securities jurisdictionnor shall there be any in any in which such offer, * Preliminary, subject to change. $105,000,000* University of Pittsburgh - Of the Commonwealth System of Higher Education Taxable University Refunding Bonds, Series B of 2017 Due Principal Interest September 15 Amount Rate Yield Price CUSIP† 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 _____________________________ * Preliminary, subject to change. † Copyright 2012, American Bankers Association. CUSIP data herein are provided by Standard & Poor's CUSIP Service Bureau, a division of The McGraw-Hill Companies, Inc. The CUSIP numbers listed above are being provided solely for the convenience of Bondholders only at the time of issuance of the 2017B Bonds and neither the University nor the Underwriters make any representation with respect to such numbers or undertakes any responsibility for their accuracy now or at any time in the future. The CUSIP number for a specific maturity is subject to being changed after the issuance of the 2017B Bonds as a result of the procurement of secondary market portfolio insurance or other similar enhancement by investors that is applicable to all or a portion of certain maturities of the 2017B Bonds. i TABLE OF CONTENTS Page SUMMARY OF THE OFFERING .............................................................................................................. vii INTRODUCTION ........................................................................................................................................... 1 Purpose of the 2017B Bonds and the Plan of Finance .............................................................................. 1 The University .......................................................................................................................................... 1 Security for the 2017B Bonds .................................................................................................................. 2 Outstanding Indebtedness ......................................................................................................................... 2 Bondholders' Risks ................................................................................................................................... 2 Continuing Disclosure .............................................................................................................................. 2 Underlying Documents ............................................................................................................................. 2 ESTIMATED SOURCES AND USES OF PROCEEDS ................................................................................ 3 PLAN OF FINANCE ...................................................................................................................................... 3 THE 2017B BONDS ....................................................................................................................................... 3 Description of the 2017B Bonds .............................................................................................................. 3 Redemption .............................................................................................................................................. 4 Partial Redemption of Bonds .................................................................................................................... 5 Notice of Redemption ..............................................................................................................................
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