Bonds issued for Whitworth project

Spokane,  Wash. –  The  Washington Higher  Education Facilities  Authority (WHEFA)  has  issued $18.5 million in bonds  that will help  Whitworth  University  finance  a portion of  their  new Innovation Lab,  as well  as refinance existing debt. The  new  Innovation Lab  will primarily  serve  as  home  to  Whitworth’s  growing  engineering and physics departments.  The  WHEFA financing, which closed January 4, is  estimated  to save  the university  around $835,000 in  interest costs  over  the  life  of  the  bond on a  present-value  basis. “This  financing not  only  allows  us to  take  advantage  of  lower  interest  rates,  but  will  also provide a  significant  down payment  on a  new  building  for  our  expanding engineering and physics programs,”  said Larry Probus, Whitworth  University’s  vice  president of  finance  and administration. “This  strategic  investment  in our  STEM  programs  is  expected to double  the  size  of  enrollment  in our  engineering department,”  he added. “I  want  to thank the  WHEFA  board for  supporting  this financing.” A portion of  the  new  building’s  cost  is  expected to be  funded  by donations, with the  remainder funded through this bond issuance.  It  is expected  to  open  in 2023. “It  has  been  a  privilege  and honor  to  support  the  students  and  staff  of Whitworth University through this  tax-exempt  bond financing,”  said Jerome  Cohen,  secretary  and chair  of  the Washington  Higher  Education Facilities  Authority  board of  directors.