This Preliminary Official Statement is dated June 17, 2014. New Issue – Book Entry Only Ratings: Moody’s: “Aa2” This Preliminary Official Statement is dated June 17, 2014. Standard & Poor’s: “AA” New Issue – Book Entry Only Ratings: Moody’s: “Aa2” Standard &(See Poor’s: “RATINGS” “AA” herein) In the opinion of Bond Counsel, interest on the Series 2014 Bonds is excluded from gross income of the owners of the(See Series “RATINGS” 2014 Bonds herein) for federal income taxation under existing statutes, regulations, rulings and court decisions, subject to the conditions described in “TAX MATTERS – Federal Tax Exemption” herein. InterestIn the opinion on the Seriesof Bond 2014 Counsel, Bonds interestwill not onbe athe specific Series 2014preference Bonds item is excludedfor purposes from of gross the individual income of and the corporateowners of alternative the Series 201minimum4 Bonds taxes; for however, suchfederal interest income is taken taxation into account under existingin computing statutes, the regulations,alternative minimum rulings and tax courtfor certain decisions, corporations subject toand the may conditions be subject described to certain in other“TAX federal MATTERS taxes – affecting corporateFederal holders Tax Exemption” of the Series herein. 2014 Bonds. Interest Under on the the Series laws of2014 the CommonwealthBonds will not ofbe Pennsylvania,a specific preference as currently item enacted for purposes and construed of the inondividual the date and hereof, the Seriescorporate 2014 Bondsalternative are exempt minimum from taxes; personal however, property such taxesinterest in isPennsylvania taken into account and the in interest computing on the the Series alternative 2014 minimumBonds is exempttax for certainfrom Pennsylvania corporations personal incomeand maytax and be subjectPennsylvania to certain corporate other federalnet income taxes tax. affecting For a morcorporatee complete holders discussion, of the Series see “TAX 2014 MATTERS Bonds. Under – Pennsylvania the laws ofTax the Exemption” Commonwealth herein. of Pennsylvania, as currently enacted and construed on the date hereof, the Series 2014 Bonds are exempt from personal property taxes in Pennsylvania and the interest on the Series 2014 Bonds is exempt$50,730,000* from Pennsylvania personal income tax and Pennsylvania corporate net income tax. For a more complete discussion, see “TAX MATTERS – Pennsylvania Tax Exemption” herein. PENNSYLVANIA HIGHER EDUCATIONAL FACILITIES AUTHORITY * BRYN MAWR COLLEGE$50,730,000 REVENUE BONDS, SERIES 2014 licitation of licitation an offer to buy nor shall there be any Dated: DatePENNSYLVANIA of Delivery HIGHER EDUCATIONAL FACILITIES AUTHORITYDue: December 1, as shown below urisdiction. urisdiction. j The Series 2014BRYN Bonds will MAWRbe issued by the COLLEGE Pennsylvania Higher REVENUE Educational Facilities BONDS, Authority (the SERIES “Authority”) under 2014 a Trust Indenture dated as of July 1, 2014 (the “Indenture”), between the Authority and The Bank of New York Mellon Trust Company, N.A., Philadelphia, Pennsylvania, as trustee, paying such y agent and bond registrar (in such capacities, the “Trustee”). The Series 2014 Bonds will be payable from and secured by certain funds held by the Trustee under the Indenture and payments to the Trustee, as assignee of the Authority, under the Loan and Security Agreement (the “Loan Agreement”) described herein between theDated: Authority Date and of Delivery Due: December 1, as shown below The Series 2014 Bonds will be issued by the Pennsylvania Higher Educational Facilities Authority (the “Authority”) under a Trust Indenture dated as of July 1, 2014 (the “Indenture”), between the Authority and The Bank of New York Mellon Trust Company, N.A., Philadelphia, Pennsylvania, as trustee, paying agent and bond registrar (in such capacities, the “Trustee”). The Series 2014 Bonds will be payable from and secured by certain funds held by the Trustee under the IndentureBRYN and payments MAWR to the COLLEGE Trustee, as assignee of the Authority, under the Loan and Security Agreement (the “Loan Agreement”) described herein between the Authority and (the “College”). The SeriesLOGO 2014 Bonds are payable solely from the funds under the IndentureBRYN and MAWR from payments COLLEGE to be received by the Authority pursuant to the Loan(the Agreement. “College”). The The obligation Series 2014 of the Bonds College are payableunder the solely Loan fromAgreement the funds to make under loan the paymentsIndenture isand a generalfrom payments obligation to ofbe the received College by secured the Authority by a lien upon, ule ule 15c2-12 under the Securities Exchange Act of 1934, as amended (except for the omission of andpursuant security tointerest the Loan in, theAgreement. Unrestricted The College obligation Revenues, of the equallyCollege andunder ratably the Loan with certainAgreement other to College make loan obligations. payments See is a“SECURITY general obli ANDgation SOURCES of the OF on or amendment on or in amendment a Statement. Official final The Bonds may not be nor sold, may an offer to buy PAYMENTCollege securedFOR THE by SERIESa lien upon,2014 BONDS”and security herein. interest in, the Unrestricted College Revenues, equally and ratably with certain other College y y Official constitute Statement an offer to sell or a so ualification under the securities laws of an of laws securities the under ualification q obligations.The Series See 2014 “SECURITY Bonds are subject AND SOURCES to redemption OF priorPAYMENT to maturity, FOR as THE set forthSERIES in this 2014 Official BONDS” Statement. herein. See “THE SERIES 2014 BONDS – Redemption of the SeriesThe Series2014 Bonds.” 2014 Bonds are subject to redemption prior to maturity, as set forth in this Official Statement. See “THE SERIES 2014 BONDS – Redemption of the Series 2014 Bonds.” The Series 2014 Bonds will be issued only as fully registered bonds without coupons, and, when issued, will be registered in the name of Cede & Co., as istration or istration g registeredThe Owner Series and 2014 nominee Bonds forwill The be issuedDepository only Trustas fully Company, registered New bonds York, without New coupons,York (“DTC”). and, when DTC issued, will act will as be securities registered depository in the name for ofthe Cede Series 2014 Bonds.& Co., Purchases as registered of beneficial Owner and interests nominee in thefor TheSeries Depository 2014 Bonds Trust will Company, be made inNew book-entry York, New form, York in (“DTC”).denominations DTC of will $5,000 act asor securitieany integrals depository multiple thereof. Purchasersfor the Series will not 2014 receive Bonds. certificates Purchases representing of beneficial their interests interest in in the the Series Series 2014 2014 BondsBonds willpurchased. be made So in long book-entry as Cede form, & Co. in is deno the registeredminations ofOwner, $5,000 as nominee rior to re to rior p of DTC,or any references integral multiple herein to thereof. the Bondholders, Purchasers Owners will not or receive registered certificates Owners shallrepresenting mean Cede their & interest Co., as inaforesaid the Series and 2014 shall Bondnot means purchased. the Beneficial So long Owners as of the SeriesCede 2014 & Co. Bonds. is the See registered “THE SERIES Owner, 2014as nominee BONDS of – DTC,Book referenEntry Onlyces herein System” to theherein. Bondholders, Owners or registered Owners shall mean Cede & Co., as aforesaid and shall not mean the Beneficial Owners of the Series 2014 Bonds. See “THE SERIES 2014 BONDS – Book Entry Only System” herein.THE SERIES 2014 BONDS WILL BE SPECIAL LIMITED OBLIGATIONS OF THE AUTHORITY. NEITHERTHE THESERIES GENERAL 2014 BONDS CREDIT WILL OF THE BE AUTHORITY SPECIAL LIMITED NOR THE OBLIGATIONS CREDIT OR TAXING OF THE POWER OFAUTHORITY. THE COMMONWEALTH NEITHER OF THE PENNSYLVANIA GENERAL CR OREDIT OF ANY OF POLITICALTHE AUTHORITY SUBDIVISION NOR THEREOFTHE CREDIT OR TAXING POWER OF THE COMMONWEALTH OF PENNSYLVANIA OR ISOF PLEDGED ANY POLITICAL FOR THE PAYMENTSUBDIVISION OF THE THEREO SERIESF IS2014 PLEDGED BONDS, FORNOR THESHALL PAYMENT THE SERIES OF 2014 BONDSTHE SERIESBE DEEMED 2014 GENERAL BONDS, OBLIGATIONSNOR SHALL THEOF THE SERIES AUTHORITY 2014 BONDS OR OBLIGATIONS BE DEEMED OF THE COMMONWEALTHGENERAL OBLIGATIONS OF PENNSYLVANIA OF THE OR AUTOF ANYHORITY POLITICAL OR OBLIGATIONS SUBDIVISION THEREOF. OF THE THE contained contained herein is in a form deemed final for purposes of R COMMONWEALTH OF PENNSYLVANIA OR OF ANY POLITICAL SUBDIVISION AUTHORITYTHEREOF. HAS THE NO AUTHORITY TAXING POWER. HAS NO TAXING POWER. red in final form. Under no circumstances shall this Preliminar MATURITY SCHEDULE* Year* Amount* Coupon Yield CUSIP Year* Amount* Coupon Yield CUSIP 2016 $480,000 2026 $1,565,000 2017 1,020,000 2027 1,650,000 2018 1,060,000 2028 1,730,000 2019 1,115,000 2029 1,815,000 2020 1,170,000 2030 1,905,000 2021 1,230,000 2031 2,005,000 urisdiction in whichsuchoffer, solicitation or salewould be unlawful 2022 1,290,000 2032 2,100,000 j d to be omitted under Rule 15c2-12(b)(1)). The information herein is subject to revision, completi y 2023 1,360,000 2033 2,205,000 2024 1,425,000 2034 2,320,000 2025 1,495,000 $13,450,000* __% Term Bond due December 1, 2039*, Yield ___%, CUSIP ________ $8,340,000* __% Term Bond due December 1, 2044*, Yield ___%, CUSIP ________ This cover page contains information for reference only. It is not a summary of this issue. Investors must read the entire Official Statement, including the Appendices,This to cover obtain page information contains essentialinformation to making for reference an inform only.ed investment It is not a decision.summary of this issue. Investors must read the entire Official Statement, including the Appendices, to obtain information essential to making an informed investment decision. certain information permitte be prior accepted, to the time the is Statement Official delive sale ofthesesecurities in an This Preliminary Official Statement and certain of the information The Series 2014 Bonds are offered when, as and if issued by the Authority and received by the Underwriter, subject to the approving legal opinion of Dilworth Paxon LLP, Philadelphia, Pennsylvania, Bond Counsel.