University News

Bond Sale Fuels University of New Haven Development

Wells Fargo Securities is the senior underwriter in the bond issuance that will refund outstanding bank debt that supported the University’s transformation over the last decade.

April 24, 2018

Bergami Center
Rendering of the Bergami Center for Science, Technology and Innovation

Wells Fargo Securities, the investment banking and capital markets business of Wells Fargo & Company (NYSE: WFC), announced today that it served as senior underwriter in the recent sale of $96.7 million in bonds issued by the University of New Haven.

The bond issuance will refund outstanding bank debt, which has been essential to the financial support of the University of New Haven’s growth at a critical time in its history. The university has successfully used bank debt from Wells Fargo to transform the campus from primarily a commuter school to a much larger, residential campus with updated and expanded facilities. In the past decade, the University of New Haven’s applicants and enrollment have soared, and its placement on college rankings has climbed. Since 2005, total enrollment has increased 63 percent. Full-time undergraduate enrollment has more than doubled, and first-year applications have more than tripled. The university welcomed its largest incoming class ever in the fall of 2017.

Steven H. Kaplan "Wells Fargo has been a critical partner in helping to drive our growth and our success. The opportunities we have been able to create as a result of Wells Fargo’s vision and support have created a multitude of transformational learning opportunities for our students."University of New Haven President Steven H. Kaplan

The University of New Haven has long worked with Wells Fargo on capital enhancements and new facilities — including residence halls, a recreation center, and a state-of-the-art home for the world-renowned Henry C. Lee Institute of Forensic Science — to support its growing student body. Over the past decade, the university has completed $250 million in improvements and infrastructure enhancements.

"The University of New Haven’s bond issuances mark a significant step in the university’s transformation, as more and more students have turned to the University of New Haven to gain a top-tier education," said Stratford Shields, head of Wells Fargo Securities’ Public Finance group, which serves Government & Institutional Banking clients. "We are pleased to support the University of New Haven community by serving as senior underwriter for the bond issuance."

Wells Fargo Securities structured the transaction with serial tax-exempt bonds that amortize from 2021 through 2039 and serial taxable bonds that amortize from 2018 through 2020. Strong investor demand for the tax-exempt bonds pushed total orders to $423 million, resulting in oversubscription of most maturities and aggregate oversubscription of 4.9 times. The tax-exempt spreads were tightened by up to seven basis points on most maturities.

The University of New Haven plans to issue an additional $25 million in bonds in July to support the development and construction of the Bergami Center for Science, Technology, and Innovation. The 40,000-square-foot facility will feature a "makerspace," state-of-the-art classrooms, communications studios, advanced smart classrooms, an atrium/café, and space for multidisciplinary student and faculty collaboration.

In addition to the $25 million in bonds, the Bergami Center is being funded through philanthropic support as part of the university’s Charger Challenge, its first comprehensive capital campaign, which aims to raise $100 million by the university’s centennial in 2020 to invest in student scholarships and enhance the university’s culture of innovation and collaboration. The university has reached nearly 87 percent of its goal, and the facility is a centerpiece of the campaign.

About the University of New Haven

The University of New Haven, founded on the Yale campus in 1920, is a private, coeducational university situated on the coast of southern New England. It’s a diverse and vibrant community of more than 7,000 students, with campuses around the country and around the world. Within its five colleges, students immerse themselves in a transformative, career-focused education across the liberal arts and sciences, fine arts, business, engineering, public safety, and public service. Through its College of Arts and Sciences, College of Business, Henry C. Lee College of Criminal Justice and Forensic Sciences, Lyme Academy College of Fine Arts, and Tagliatela College of Engineering, the University of New Haven offers more than 80 undergraduate and graduate degree programs and study abroad programs as well as 17 varsity sports in the NCAA Division II’s highly competitive Northeast-10 Conference. For more information, visit

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.9 trillion in assets. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investments, mortgage, and consumer and commercial finance through 8,200 locations, 13,000 ATMs, the internet ( and mobile banking, and has offices in 42 countries and territories to support customers who conduct business in the global economy. With approximately 265,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 25 on Fortune’s 2017 rankings of America’s largest corporations. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories. Wells Fargo Securities is the trade name for certain securities-related capital markets and investment banking services of Wells Fargo & Company and its subsidiaries, including Wells Fargo Bank, N.A., acting through its Municipal Products Group.


Media Contact – Wells Fargo
Beth Richek, 704-374-2545

Media Relations – University of New Haven