For Immediate Release
February 25, 2021
Leah Marvin-Riley | leah.marvin-riley@state.co.us | 303-818-9836
COLORADO COMPLETES SUCCESSFUL SALE OF HIGHER ED COPs, Raises $64 million for Higher Ed Projects Across Colorado
DENVER - Colorado State Treasurer Dave Young announced another successful sale of state Certificates of Participation (COPs). The State of Colorado Higher Education COPs were authorized by the Colorado Legislature in SB20-219 to fund three projects at higher education institutions. The sale raised $64.25 million and closed with an extremely low total interest rate of 1.84%, saving Colorado citizens a significant amount of money.
“Since COVID-19 hit, I have been working to help businesses across the state with creative solutions to our immediate and our long term recovery,” said Colorado State Treasurer Dave Young. “This sale is an infusion of money into local communities across Colorado and a much needed boost for higher ed institutions and their students.”
Proceeds from the sale will fund several projects across Colorado. Projects include the Shepardson Building Renovation and Addition ($17,051,200) at Colorado State University in Fort Collins, the Health Sciences Center ($26,571,891) at Fort Lewis College in Durango, and the Anschutz Health Sciences Building ($21,859,241) at the University of Colorado in Aurora.
“In the short term, this project will immediately help the local economy get back on its feet as we work to overcome the challenges of COVID,” said Steve Schwartz, Chief Operating Officer of Fort Lewis College. “In the long term, this health sciences center will be a hub for much needed health innovation in rural Southwest Colorado. We are grateful to the legislature and the Colorado Treasurer's Office for facilitating this process.”
In the midst of an unprecedented economic situation, this COP sale enables the continuation of previously funded capital construction projects at Colorado institutions of higher education.
Stifel led the underwriting team, which was joined by J.P. Morgan and Loop Capital Markets. Hilltop Securities served as the financial advisor.
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