Cromie and Villani Represent Seton Hall University in Issuance of Substitute Letter of Credit Securing New Jersey Educational Facilities Tax-Exempt Bonds

ROSELAND, N.J. /March 7, 2011 --- John D. Cromie and Joseph A. Villani, Jr., recently represented Seton Hall University in a tax exempt bond transaction involving the issuance of a substitute irrevocable, direct-pay letter of credit issued by TD Bank.  The direct-pay letter of credit will be used to support Seton Hall University payment obligations under the New Jersey Educational Facilities Authority’s Revenue Refunding Bonds, Seton Hall University Issue, 2008 Series D, in the original principal amount of $49,760,000.  The proceeds of the 2008 bonds were used to refinance certain previously issued bonds which funded various construction projects and improvements at Seton Hall University’s South Orange, New Jersey Campus. 

Pursuant to the New Jersey Educational Facilities Authority Law, the NJEFA is empowered to make loans to public and private colleges and universities for the construction, improvement, acquisition and refinancing of eligible projects.  The NJEFA is also empowered to issue its bonds to provide loans to refinance existing credit facilities.  Cromie and Villani also represented Seton Hall University in the negotiation and implementation of the initial letter of credit and tax exempt bond transaction.

Cromie is Chairman of Connell Foley’s Corporate Law and Transactions practice group, and a member of the firm’s Banking Law and Finance practice group.

Villani is a member of the firm’s Corporate Law and Transactions and Banking Law and Finance practice groups. 

For more information regarding Connell Foley’s Corporate and Bank Finance practices, please contact Mr. Cromie at (973) 535-0500 or jcromie@connellfoley.com.