“Our success in finalizing a sale of this magnitude signifies the financially sound condition and growing strength of the Touro brand,” said Dr. Alan Kadish, President and CEO of the Touro College and University System. “In addition to providing generally level debt service at a fixed interest rate for the next 30 years, these funds will provide us with the momentum we need to further build-out and strengthen our educational offerings in medicine and the health sciences.”

Stifel, Nicolaus & Company Incorporated acted as lead underwriter, Hawkins, Delafield & Wood LLP served as bond counsel and Orrick, Herrington & Sutcliffe LLP served as the school’s borrower counsel.

The bond series, which have maturity dates ranging from 2015 to 2044, have been assigned an investment grade rating by Fitch, one of the country’s foremost ratings agencies.

The sale provides for a restructuring of $89,610,000 in existing long-term debt and new money for a number of Touro College and University System medical and health sciences-related schools, including New York Medical College in New York, Touro University in California, Touro University Nevada and Touro College’s Schools of Osteopathic Medicine, Pharmacy and Health Sciences in New York.

In addition to the debt restructuring, funds will finance:

• The 2013 purchase and renovation of the 248,000 square foot Skyline Building and renovation of the Dana Road Building to house various research and student programs at the New York Medical College campus in Valhalla, New York;
• The renovation of a new Touro College of Osteopathic Medicine campus in Middletown, New York, opening this August, and;
• Completion of an active aging center and general capital expenditures at Touro University Nevada.