Project Information

Bid Title

ITN2025-06AF Investment Banking Services for Refunding of UCF Convocation Corporation Refunding Revenue Bonds, Series 2015A

Issuing Agency

University of Central Florida

Location

Florida

Published Date

Nov 21, 2025

Closing Date

Dec 15, 2025

Government Level

State & Local

Status

Closed

Original Source

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Bid Documents

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Project Description

Solicitation	Contact	Notes	Open Bid Dater
ITN2025-06AF Investment Banking Services for Refunding of UCF Convocation Corporation Refunding Revenue Bonds, Series 2015A	Bert Francis	Questions are due Friday, December 5, 2025 by 5:00 PM EST Submittals are due Monday, December 15, 2025 at 2:00 PM EST	12/15/2025

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INVITATION TO NEGOTIATE (ITN) 2025-06AF

UCF Convocation Corporation

Investment Banking Services for Refunding of UCF Convocation

Corporation Refunding Revenue Bonds, Series 2015A

Issue Date: Friday, November 21, 2025

Due Date: Monday, December 15, 2025

I.

II.

III.

IV.

V.

VI.

VII.

VIII.

IX.

TABLE OF CONTENTS

Introduction ........................................................................................................ 1

Preliminary Financing Plan .............................................................................. 3

Security for the Series 2015A&B Bonds........................................................... 4

Proposed Timetable ........................................................................................... 4

Instructions to Proposers................................................................................... 5

Proposal Requirements...................................................................................6-7

Selection Requirements................................................................................... 7-8

Terms and Conditions.....................................................................................8-9

Appendices .......................................................................................................... 9

REQUEST FOR INTENT TO NEGOTIATE (ITN)

I. INTRODUCTION

The UCF Convocation Corporation, a direct support organization and component unit of the

University of Central Florida Board of Trustees, invites proposals from qualified investment

banking firms to serve as underwriter for the refunding of all or a portion of the outstanding UCF

Convocation Corporation Refunding Revenue Bonds, Series 2015A. The call date for these bonds

began effective October 1, 2025 at par.

The Corporation seeks to select a senior manager and, if desirable, one or more co-managers for this

transaction. Firms must demonstrate extensive access to both tax-exempt and taxable markets and

possess a thorough understanding of Florida Statutes 1010.62. The refinancing is a strategic

initiative to optimize debt service savings and enhance financial flexibility for the University and

its affiliates.

The University of Central Florida

The University of Central Florida (the “University” or “UCF”), part of the State University System

of Florida, was established by the Florida Legislature in 1963 and commenced operations in 1968

as Florida Technological University. The name was changed to its current form by legislative action

on December 6, 1978. The University has rapidly grown to become one of the largest and fastest-

growing universities in the nation, with an enrollment of 70,989 students for Fall 2025.

As a comprehensive metropolitan university, UCF offers over 240 majors, encompassing bachelor's,

master's, and doctoral degree programs. These programs are delivered through a diverse range of

colleges, including:

• Burnett Honors College

• College of Arts and Humanities

• College of Business Administration

• College of Education

• College of Engineering & Computer Science

• College of Health & Public Affairs

• College of Medicine

• College of Nursing

• College of Optics & Photonics

• College of Sciences

• Rosen College of Hospitality Management

The University serves central Florida and other regions through its main Orlando campus, as well

as area campuses in Cocoa, Daytona Beach, South Orlando, and Clermont. Additionally, the UCF

College of Medicine is situated at the UCF Health Sciences Campus at Lake Nona, and there is an

academic center located downtown.

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UCF provides education and research opportunities across a wide spectrum of fields, including

engineering, business, education, humanities, natural and social sciences, health, and tourism. Its

programs in communications and the fine arts contribute significantly to the cultural and

entertainment landscape of the growing metropolitan area.

The University is accredited by the Commission on Colleges of the Southern Association of

Colleges and Schools, which authorizes it to award bachelor’s, master’s, and doctoral degrees across

various academic disciplines.

UCF Convocation Corporation

The UCF Convocation Corporation is a Florida not-for-profit organization established to receive,

hold, invest, and manage property for the benefit of the University of Central Florida. Recognized

as a Direct Support Organization under Section 1004.28 of the Florida Statutes, the Corporation is

empowered to finance, design, construct, lease, purchase, and operate facilities that serve university

needs.

The Corporation owns and manages two primary components:

• The Student Housing Component, consisting of approximately 2,000 beds in four residential

buildings, two parking garages, and retail space.

• The Arena Component, including the 10,000-seat Addition Financial Arena, a dedicated event

parking garage, a smaller venue arena, and retail space.

The Corporation is governed by a Board of Directors who oversee its operations and ensure

alignment with university goals.

II. PRELIMINARY FINANCING PLAN

The Corporation intends to refund all or a portion of the outstanding UCF Convocation Corporation

Refunding Revenue Bonds, Series 2015A through the issuance of new Arena Revenue Bonds. The

refinancing will be structured to maximize savings and maintain flexibility for future capital needs.

The anticipated transaction will involve the redemption of all or a portion of the Series 2015A Bonds

within 90 days from issuance. The refunding bonds are anticipated to be issued as tax-exempt bonds,

depending on eligibility. The Corporation will work with the selected underwriter(s) to finalize the

structure, timing, and marketing strategy for the refinancing. Recent financial statements and official

disclosures are available on the EMMA website and the university’s financial affairs portal.

III. SECURITY FOR THE REFUNDING BONDS

The new Arena Revenue Bonds will be secured by a pledge of system revenues generated by the

Arena Component, including both operating and non-operating revenues. Operating revenues

include ticket sales, concessions, catering, parking, facility service fees, and other miscellaneous

sources. Non-operating revenues consist of a university operating payment from the University of

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Central Florida and media royalty rights payments from the UCF Athletics Association, governed

by formal agreements.

Funds held in pledged accounts, including investment earnings, will also secure the bonds. The

Corporation anticipates the purchase of a debt service reserve surety policy to secure the refunding

bonds. Furthermore, the refunding bonds are expected to be further secured by a support agreement

with the University whereby the University will agree and covenant to transfer to the Trustee funds

in an amount equal to the deficiency amount in the debt service reserve fund. Provided, however,

that the University’s deficiency amount shall be limited to $6,700,000 per annum.

IV. PROPOSED TIMETABLE

Date

Friday, November 21, 2025

Friday, December 5, 2025

Wednesday, December 10, 2025

Monday, December 15, 2025

Thursday, December 18, 2025

Milestone

ITN Issued

Deadline for Proposer Questions

Responses to Proposer Questions Provided

Proposals Due (by 2:00 PM EST)

Selection of Proposer

All times are local to Orlando, Florida. The Corporation reserves the right to modify these

dates at its discretion and will communicate any changes via addendum.

V. INSTRUCTIONS TO PROPOSERS

Proposers, their agents, and associates must refrain from contacting or soliciting any member of the

university staff, the Board of Trustees, or the UCF Convocation Corporation during the selection

process. Failure to comply may result in disqualification.

All requests for clarifications or additional information must be submitted in writing by the stated

deadline to:

UCF Convocation Corporation

Bert Francis

Vice President for Administration and Finance,

Acting Chief Financial Officer, and University Treasurer

University of Central Florida

Division of Financial Affairs

4365 Andromeda Loop N, MH 384

Orlando, FL 32816

Email: Albert.Francis@ucf.edu

Proposals must be submitted electronically via the university’s procurement portal. Refer to

Appendix A for submission instructions. Late submissions will not be accepted.

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Commodity Codes

• NAICS 541611Administrative Management and General Management Consulting Services

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