Higher Education

Project Description:

Founded in 1819, Centre College is one of the premier private liberal arts schools in the country. Located in Danville, KY, the college is home to over 1,400 students. In 2021, the college’s Board of Trustees authorized a new Initiative for Wellness and Athletic Excellence, with a new $50 million fieldhouse as its centerpiece. The project broke ground in October 2021 and is set to be completed in 2023. The new facility will house a variety of world class amenities, including:

• 10-lane, 50-meter pool with a moveable bulkhead, an integrated diving well with 1-meter and 3-meter diving boards, and seating for 700

• 6-lane, 200-meter indoor track with turf infield, and event seating for 800

• 6,000-square-foot strength and wellness center

• Nutrition center

• Hospitality and engagement areas

• Locker rooms and multipurpose event spaces

• Enhanced Athletics Hall of Fame

While benefitting all 24 varsity teams, the aquatic and track & field components of the new facility will offer the opportunity to strategically expand rosters by as many as 70 student-athletes.

CE Role:

CE served as the financial advisor to Centre College. In this role, when CE was a registered Municipal Advisor, we assisted the college with credit analysis, project affordability, debt capacity analysis, and debt structuring. In 2021, CE worked with college finance staff and the underwriter to create and give updated rating agency presentations, which affirmed the college's credit ratings at A3/A. With the Kentucky Bond Development Corporation ("KBDC") acting as the conduit issuer for the college, the $52.8 million tax-exempt 2021 Educational Facilities Revenue Bonds were structured as 30-year debt to fully fund the project while providing the college with future budgetary/cost affordability and certainty.