West Virginia Wesleyan College

Founded in 1890, West Virginia Wesleyan College is a private residential college. The College has approximately 1,400 students and offers 49 majors and 36 minors along with several graduate programs. The College’s student life program features 19 NCAA Division II sports teams, regionally-renowned performing arts programs, over 70 campus organizations, outdoor recreation and intramurals programs, nine fraternities and sororities, religious life, and community service.

Infrastructure funding can be challenging for small private colleges. Competing with State schools that can subsidize tuition with taxpayer funds, private schools increasingly rely on operational efficiencies, alumni giving and endowment earnings.  Local lenders will typically support short term funding, but are unwilling to assist with long-term lending necessary for major projects.

The Solution

In a repeat engagement with the College, Crews served as the sole manager for their $5,890,000 Commercial Development Refunding Revenue Bonds, Series 2016AB. The bonds refunded the College’s Series 2010A Bonds, which resulted in annual debt service reduction of approximately $17,000. The original bonds financed a new residence hall that houses 140 to 150 students and the renovation of the former dining hall to provide a campus-wide fitness center.

The Difference

Crews has provided the College with multiple structuring options for its infrastructure needs, as well as providing a thriving secondary trading environment for its bonds. Our client base has enabled the College access to a vibrant, local bond market.

Local WV investors have been engaged to:

  • underwrite non-rated, bank qualified, tax-exempt bonds
  • underwrite non-rated, taxable bonds