Lehigh University (the “University”) has announced that it is currently evaluating the potential issuance of one or more series of bonds (collectively, the “Bonds”) on or about July 2024.*

If issued, the University currently expects to use a portion of the proceeds of the Bonds to fund new capital projects as well as to potentially modify, refinance, purchase and/or refund certain obligations of the University, including certain outstanding tax-exempt and taxable indebtedness of the University, as set forth below, but subject to change:

Northampton County General Purpose Authority:

University Revenue Bonds, Series B of 2000 (Lehigh University)

Higher Education Revenue Bonds, Series of 2004 (Lehigh University)

Higher Education Revenue Bonds, Series B of 2016 (Lehigh University)

Lehigh University:

Taxable Bonds, Series of 2016

Taxable Bonds, Series of 2020

With regard to evaluating the potential issuance of the Bonds, the University is considering possible alternatives for refinancing certain of the University’s existing bonds. The University may or may not proceed with one or more refinancing alternatives, which may include a current refunding, defeasance, tender offer, exchange offer, open market purchase program, privately negotiated transaction, redemption or other alternatives to refinance all or a portion of select bonds in its portfolio, with the refinancing obligations being issued on either a taxable or tax-exempt basis.

In connection with the issuance of the Bonds the University may also determine to modify, terminate or suspend one or more of its interest rate management agreements (“Swaps”) related to certain outstanding obligations of the University as set forth above.

The size, structure, use of proceeds and timing of issuance of the Bonds and/or the modification, termination or suspension of one or more of the Swaps or any portions thereof, remain subject to market conditions in all respects. If issued, Wells Fargo Bank N.A. is expected to serve as book running senior manager and BofA Securities and Jefferies are expected to serve as joint co-managers and as joint dealer managers for any tender offer.

The size, structure, timing, tax status and use of proceeds for the Bonds are preliminary and subject to change without notice at the sole discretion of the University, and the University reserves the right to issue all, none or a portion of the Bonds described above and reserves the right to issue additional bonds subject to market conditions. This announcement does not constitute a redemption notice with respect to any of the existing bonds issued by or for the benefit of the University. Nothing contained herein should be construed as an offer to sell or a solicitation of an offer to purchase the Bonds. Any offer and sale of any Bonds will be made only by means of the applicable offering document, if and when distributed, in connection with the contemplated offering of the Bonds, which prospective investors should review in its entirety.

This announcement is for informational purposes only. The University may modify, discontinue or postpone consideration of the financing at any time, without notice.

The dissemination of this announcement does not constitute or imply any representation: (i) that the foregoing is material to investors; (ii) regarding any other financial, operating or other information about the University or any outstanding bonds; or (iii) that no other circumstances or events have occurred or that no other information exists concerning the University, the Bonds, the proposed financing, or any outstanding bonds which may have a bearing on the financial condition of the University, the security for the Bonds or any outstanding bonds, or an investor’s decision to buy, sell or hold the Bonds or any other bonds of the University.

The information provided in this announcement notice is current as of the date hereof, but there may be events that occur after such date that could change the information that is presented herein. The information provided in this voluntary notice should not be construed as a prediction or representation about future events or the financial performance of the University. The potential transactions described herein are subject to conditions and circumstances that may or may not occur, and no assurance is given that any such transactions will in fact occur. Any potential transaction, if pursued, may be discontinued at any time. By making this announcement, the University does not undertake to make any additional announcements. The University disclaims any obligation to update this announcement.

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* Preliminary, subject to change.

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