Project Information

Bid Title

ITN2025-10AF Investment Banking Services for Refunding of UCF Stadium Corporation Refunding Revenue Bonds, Series 2015A&B

Issuing Agency

University of Central Florida

Location

Florida

Published Date

Mar 13, 2026

Closing Date

Apr 10, 2026

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
ITN2025-10AF Investment Banking Services for Refunding of UCF Stadium Corporation Refunding Revenue Bonds, Series 2015A&B	Bert Francis	Questions are due Monday, March 30, 2026 at 5:00 PM EST Due date is Friday, April 10, 2026 at 2:00 PM EST	04/10/2026

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INVITATION TO NEGOTIATE (ITN) 2025-10AF

UCF Stadium Corporation

Investment Banking Services for Refunding of UCF Stadium

Corporation Refunding Revenue Bonds, Series 2015A&B

Issue Date: March 13, 2026

Due Date: April 10, 2026

I.

II.

III.

IV.

V.

VI.

VII.

VIII.

IX.

TABLE OF CONTENTS

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

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

Security for the Refunding Revenue Bonds Series, 2015A&B ............3

Proposed Timetable.................................................................................3

Instructions to Proposers........................................................................4

Proposal Requirements....................................................................... 4-6

Selection Requirements...........................................................................6

Terms and Conditions.............................................................................6

Appendices ........................................................................................... 7-9

REQUEST FOR INTENT TO NEGOTIATE (ITN)

I. INTRODUCTION

The UCF Stadium Corporation (the “Corporation”) a direct support organization and component

unit of The University of Central Florida Board of Trustees (the “University or UCF”), invites

proposals from qualified investment banking firms to serve as underwriter for the refunding of all

or a portion of the outstanding UCF Stadium Corporation Refunding Revenue Bonds, Series

2015A&B. The call date for these bonds began effective March 1, 2026 at par.

The Corporation seeks to select a senior manager and may, in its sole discretion, select 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, 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.

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

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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 Stadium Corporation

The Corporation is a Florida not-for-profit organization established to receive, hold, invest, and

manage property and to make expenditures for the benefit of the University of Central Florida.

Recognized as a Direct Support Organization (DSO) by the Board of Trustees of the University of

Central Florida, the Corporation operates under the guidelines outlined in Section 1004.28 of the

Florida Statutes.

Under this statutory authority, the Corporation is empowered to enter into agreements for the

financing, design, construction, leasing, lease-purchasing, purchasing, or operating of facilities that

meet the needs and purposes of the University. The Corporation is managed, and its properties

controlled by a Board of Directors, who govern its affairs and ensure alignment with the University's

goals.

FBC Mortgage Stadium History

On August 30, 2006, the University, through the Corporation (formerly the Golden Knights

Corporation), issued $45,685,000 in Certificates of Participation (Golden Knights Corporation

Master Lease Program) Series 2006A and $18,850,000 in Taxable Certificates of Participation

(Golden Knights Corporation Master Lease Program) Series 2006B, collectively referred to as the

“Series 2006 COPS.” These funds were used to finance the construction of FBC Mortgage Stadium,

which has been the home of UCF football since the 2007 season.

In 2014, the Corporation issued $4,020,000 in Certificates of Participation (Golden Knights

Corporation Master Lease Program), Series 2014 to finance the construction of a 22,500-square-

foot, three-story athletic facility and related infrastructure (the “Athletics Building”).

On July 1, 2023, UCF became a member of the Big XII Conference.

In October 2024, the Corporation entered into a private placement bank loan with Regions Bank

(the “Regions Bank Loan”) to finance a portion of the expansion and renovation of FBC Mortgage

Stadium. Debt service on the Regions Bank Loan is expected to be paid primarily from Tourist

Development Tax (“TDT”) funds received by the University from Orange County, Florida.

In December 2024, the Corporation issued UCF Stadium Revenue Bonds, Series 2024A and Series

2024B (collectively, the “Series 2024 Stadium Bonds”) in the aggregate principal amount of

approximately $26.1 million to finance additional improvements and expansion of FBC Mortgage

Stadium.

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II. PRELIMINARY FINANCING PLAN

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

Refunding Revenue Bonds, Series 2015A&B through the issuance of new Stadium Revenue

Refunding 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&B

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

exempt and taxable bonds, depending on final tax counsel review and bonds refunded. 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 Stadium Revenue Bonds will be secured by a pledge of system revenues encompassing

both operating and non-operating revenues, as well as funds held in pledge accounts, including

investment earnings. System Revenues comprise Gross Operating Revenues and Non-Operating

Revenues. Gross Operating Revenues encompass Ticket Sales Revenues, Food and Beverage

concessions, Catering, Novelties, Premium Seating Revenues (Luxury Suites and Club Seats),

Advertising and Sponsorships, and other miscellaneous revenues. Non-operating Revenues include

UCF Athletics Association Rent, UCF Athletics Association Guaranteed Royalty Payments,

Conference and Non-conference Game Guarantees, and charitable contributions received under

pledge agreements to prepay a portion of the Series 2015C Bond.

The new Stadium Revenue Bonds will be supported by an agreement with UCF, wherein the

University annually transfers funds to the Trustee to cover any draws on the new Stadium Revenue

Bonds' debt service reserve surety policy (a copy of the Support Agreement is available upon

request).

IV. PROPOSED TIMETABLE

Date

Friday, March 13, 2026

Monday, March 30, 2026

Friday, April 3, 2026

Friday, April 10, 2026

Friday, April 17, 2026

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.

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Commodity Codes

• NAICS 541611Administrative Management and General Management Consulting Services

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