Revolving Credit Facility or Similar Financial Product

Agency: Oregon State University
State: Oregon
Type of Government: State & Local
NAICS Category:
  • 541990 - All Other Professional, Scientific, and Technical Services
Posted Date: Feb 13, 2020
Due Date: Mar 6, 2020
Bid Source: Please Login to View Page
Contact information: Please Login to View Page
Bid Documents: Please Login to View Page
Description
Oregon State University is seeking a contractor to provide a revolving credit facility or similar financial product as a replacement for an expiring line of credit. Responses to the solicitation must be received no later than the due date and time in accordance with the submittal instructions contained in the solicitation document. For additional information please contact Jennifer Koehne by email at jennifer.koehne@oregonstate.edu or by telephone at (541) 737-7353.
Attachments
Details
Procurement Type:
Solicitation Number:
Sole Source:

Attachment Preview

REQUEST FOR PROPOSAL
No. P2020-002535-JK
Revolving Credit Facility or Similar Financial Product
(replacement for expiring line of credit)
CLOSING
March 6, 2020 (3:00 PM, PT)
SUBMITTAL LOCATION
Oregon State University
Procurement, Contracts and Materials Management
644 SW 13th Avenue
Corvallis, Oregon 97333
OSU Procurement, Contracts and Materials Management Offices are open Monday through Friday 8:00 am-12:00 noon and 1:00 pm-5:00 pm.
Offices are closed during the 12:00 noon-1:00 pm lunch hour.
ELECTRONIC SUBMITTAL ADDRESS
bids@oregonstate.edu
(Updated: ____________, 2020)
1.0 GENERAL
1.01 SCHEDULE OF EVENTS
Issue Date
Deadline for Requests for Clarification or Change
RFP Closing (Closing)
February 12, 2020
February 21, 2020 (3:00 pm, PT)
March 6, 2020 (3:00 pm, PT)
1.02 PRE-PROPOSAL CONFERENCE
A Pre-Proposal Conference will not be held.
1.03 ISSUING OFFICE
The Procurement, Contracts and Materials Management (PCMM) department of Oregon State University (OSU
or University) is the issuing office and is the sole point of contact for this Request for Proposal. Address all
concerns or questions regarding this Request for Proposal to the Administrative Contact identified below.
1.04 ADMINISTRATIVE CONTACT
Name:
Jennifer Koehne
Title:
Purchasing Contract Officer
Telephone: 541-737-7353
Fax:
541-737-2160
E-Mail:
Jennifer.Koehne@oregonstate.edu
1.05 DEFINITIONS
As used in this Request for Proposal, the terms set forth below are defined as follows:
a. "Addenda" means an addition to, deletion from, a material change in, or general interest explanation of this
Request for Proposal.
b. “Closing” means the date and time specified in Section 1.01 of this Request for Proposal as the deadline for
submitting offers.
c. “Contract” means a written agreement between the University the successful Proposer as described in
Section 3.01, a form of which is attached as Exhibit A as a reference only.
d. “Credit Agreement” means one or more agreements entered into between the University and the successful
Proposer pursuant to a resolution of the University for the purposes of extending a line of credit or similar
financial product to the University.
e. “Days” means calendar days, including weekdays, weekends, and holidays, unless otherwise specified.
f. "Exhibits" means those documents which are attached to and incorporated as part of this Request for
Proposal.
g. "Proposal" means a binding offer submitted by an entity in response to this Request for Proposal issued by
the University.
h. "Proposer” means an entity that submits a response to this Request for Proposal issued by the University.
i. "Request for Proposal" or “RFP” means a Solicitation Document to obtain written, competitive Proposals to
be used as a basis for making an acquisition or entering into a Contract when price will not necessarily be
the predominant award criteria.
j. "Responsible" means when an entity has demonstrated its ability to perform satisfactorily under a Contract
by meeting the applicable standards of responsibility outlined in OSU Standard 03-015, Sec. 5.16.3.i
k. "Responsive" means when the Solicitation Response is substantially compliant in all material respects with
the criteria outlined in an Invitation to Bid.
l. “Sealed” means a solicitation response to a solicitation document that has not been opened by the University
or a solicitation response delivered by electronic means that has not been distributed beyond University
personnel responsible for receiving the electronically submitted Solicitation Response.
m. “Signed” means any mark, word, or symbol that is made or adopted by an entity indicating an intent to be
bound.
n. “Solicitation Document” means this Request for Proposals or any other written document issued by OSU
that outlines the required specifications necessary to submit a responsive quote, bid, proposal, or any other
response.
P2020-002535-JK Revolving Credit Facility or Similar Financial Product
Page 1
o. “Solicitation Response” means a binding offer submitted by an entity in response to a solicitation document
issued by the university.
p. “Work” means the furnishing of all materials, equipment, labor, transportation, services, and incidentals
necessary to successfully complete any individual item or the entire contract and carrying out and
completion of all duties and obligations imposed by the Contract.
2.0 INTRODUCTION AND BACKGROUND
2.01 INTRODUCTION
Procurement, Contracts and Materials Management (PCMM) department of OSU is seeking Responsive
Responsible Proposers to submit Proposals for a revolving credit facility or similar financial product by a financial
institution per the detail in the RFP document.
2.02 BACKGROUND
OSU is requesting Proposals for a revolving credit facility or similar financial product used for bridge financing
for the purpose of capital funding in anticipation of issuance of long-term debt and/or receipt of certain
philanthropic gifts or grants for OSU projects and for operations driven by investment liquidation timing. OSU
will consider either (1) a Proposal for a facility with the flexibility to make tax-exempt and taxable draws, to be
designated by the University, (2) a Proposal for separate tax-exempt and/or taxable facilities subject to a
combined maximum amount, or (3) a Proposal for an alternative product or combination of products that
accomplishes the goal of bridge financing as specified above. The University currently maintains a “Aa3”/stable
rating from Moody’s. This new credit facility will replace the University’s existing $50 million line of credit. Subject
to Board approval, the University intends to close the facility(s) on or before July 6, 2020.
See section 3.02 Statement of Work for further detail.
2.03 OREGON STATE UNIVERSITY
Founded in 1868, Oregon State University is a comprehensive, research-extensive, public university located in
Corvallis. OSU is one of only two American universities to hold the Land Grant, Sea Grant, Space Grant and
Sun Grant designations. OSU is also the only Oregon institution to have earned both Carnegie Foundation
classifications for Highest Research Activity and Community Engagement, a recognition of the depth and quality
of its graduate education and research programs.
The University’s faculty are global leaders in their fields, advancing the science of earth ecosystems, improving
human health and wellness, promoting social progress and serving as an engine for economic growth. With
$439.7 million in competitive research grants and contracts in 2019, a 15% increase over the prior fiscal year,
OSU continues to lead the way in practical, problem-solving research that improves lives, protects natural
resources and drives economic growth to transform our future for the better.
Through its centers, institutes, Extension offices and Experiment Stations, OSU has a presence in all of Oregon's
36 counties, including its main campus in Corvallis, OSU-Cascades Campus in Bend, the Hatfield Marine
Sciences Center in Newport and the Portland Center. OSU offers undergraduate, master’s and doctoral degrees
through 11 academic colleges, the Honors College, Graduate School and online Ecampus, enrolling more than
32,000 students from every county in Oregon, every state in the country and more than 100 nations.
OSU is the state’s largest university with annual revenues of $1.27 billion in FY 2019, with an estimated statewide
economic footprint of $2.714 billion in 2017.
3.0 STATEMENT OF WORK
3.01 SAMPLE CONTRACT
A sample Contract containing customary vendor contractual terms and conditions is included at Exhibit A for
reference only. OSU reserves the right to utilize Proposer contract documents in the final award.
P2020-002535-JK Revolving Credit Facility or Similar Financial Product
Page 2
3.02 STATEMENT OF WORK
Revolving Credit Facility or Similar Financial Product Overview
Borrower:
Oregon State University
Maximum Amount:
Not to exceed $50,000,000 (Fifty-Million Dollars)
Purpose:
Proceeds from the draws will be used for capital funding in anticipation of issuance
of long-term debt and/or receipt of certain philanthropic gifts or grants for OSU
projects and/or for operations in anticipation of liquidating investments
Documentation:
The Board of Trustees of OSU expects to consider a resolution authorizing OSU
to select a Responsive Responsible Proposers that is in the best interest of OSU
and to execute one or more line of credit agreements or other loan documents
(Credit Agreement) to evidence the revolving credit facility or similar financial
product and provide for its terms. The University’s obligations under the Credit
Agreement will be evidenced by one or more notes (Note) issued by the University
and delivered to the successful Proposer. The successful Proposer will be
expected to sign a purchaser letter and issue price certificate, acceptable to the
University’s bond counsel, in substantially the forms attached hereto as Exhibit E.
The Note will not be registered with the Securities and Exchange Commission or
any other regulatory body. Accordingly, the Note will not be transferable unless a
subsequent transfer is exempt from the registration requirements under the
Securities Act (Act) and as provided in the form of purchaser letter, a copy of which
is attached. Proposers should consult with their counsel as to the applicable
requirements for an investor to avail itself of any exemption under the Act. No
CUSIP number will be assigned to the Bond (unless a CUSIP is required by Rule
G-34 of the Municipal Securities Rulemaking Board, as amended).
Tax Status:
The University prefers a proposal under which draws may be designated as either
taxable or tax-exempt, but will consider proposals with separate tax-exempt and
taxable credit facilities. The University will provide standard tax representations
and covenants in connection with tax-exempt draws. The University will require a
standard form of note purchaser’s certificate, acceptable to the University’s bond
counsel, regarding issue price and other matters, a form of which is attached
hereto as Exhibit E.
Commitment Period:
Proposals for a term of 3 to 5-years will be considered
Repayment:
The University intends to draw and repay portions of the credit facility frequently
and is seeking minimum flexibility of one draw and repayment per month.
Outstanding principal will be due at maturity. If available please provide an option
for a term out of all or a portion of the outstanding balance.
Interest:
Variable or fixed interest rate with periodic interest payments. The preference is a
non-Libor based rate.
Security:
Pledge of General Revenues on parity basis with outstanding General Revenue
Bonds of the University and pari passu with University-Paid State Bonds.
Other:
The University will not accept acceleration as a remedy upon the occurrence
of an event of default.
This is not a commitment.
Any closing conditions must be set forth in the Proposal. No fees and other costs will be paid by the
University except those directly relating to the actual transaction with the selected proposer, and only if
the transaction is completed.
It is anticipated that a lender (award) selection will be made by March 20, 2020 with a facility closing date on or
before July 6, 2020. The time schedule assumes that the Board of Trustees provides required authorizations at
the April 2-3 Board meeting and timely approval from Oregon State Treasury. Proposing firms should indicate
their ability to meet this schedule.
P2020-002535-JK Revolving Credit Facility or Similar Financial Product
Page 3
4.0 PROPOSER QUALIFICATIONS
4.01 MINIMUM QUALIFICATIONS
In order to qualify as a Responsive Proposer, the Proposer needs to meet the minimum qualifications below.
a. Require a minimum BauerFinancial Star Rating of 3 stars, representing adequate financial position of
the financial institution. If your institution does not carry a BauerFinancial Star rating, a minimum credit
rating of Baa1/BBB+/BBB+ from Moody’s, S&P and Fitch Ratings will be required.
b. Proposer has provided at least three (3) loans or credit facilities to higher education institutions or
municipalities in the past 24 months with a loan/facility amount for each of at least $20 million.
4.02 PREFERRED QUALIFICATIONS
OSU will award additional points for Proposers able to meet the preferred qualifications below.
a. BauerFinancial Star Rating of 3.5 stars indicating “Good” financial position.
b. Rating Agency long-term credit rating of higher than Baa1/BBB+/BBB+ from Moody’s, S&P and Fitch
Ratings.
5.0 REQUIRED SUBMITTALS
5.01 QUANTITY OF PROPOSALS
Submit one (1) electronic copy via the method detailed in the section below titled SUBMISSION. Proposals
should contain either electronic signatures or scans of hand-signed pages on any pages where a signature is
required. The proposal must be signed by an individual with authority to commit the financial institution.
Proposals should contain the submittals listed in this section below.
5.02 REQUIRED SUBMITTALS
It is the Proposer’s sole responsibility to submit information in fulfillment of the requirements of this Request for
Proposal. If submittals are not substantially compliant in all material respects with the criteria outlined in the
RFP, it will cause the Proposal to be deemed non-Responsive.
Proposers must include the following information in its Proposal:
Required Submittals:
Description of how the goods or services offered satisfy the statement of work and
proposer qualifications as described in sections 3 and 4. Proposers to return
answers to the questions in Exhibit D, Requested Information for evaluation
as described in section 6.02.
Exhibit B: Certifications
Exhibit C: References
Check Off
6.0 EVALUATION
6.01 EVALUATION
The stages of review and evaluation are as follows:
a. Determination of Responsiveness:
OSU will first review all Proposals to determine Responsiveness. Proposals that do not comply with the
instructions, that are materially incomplete, that do not meet the minimum requirements, or that are
submitted by Proposers who does not meet minimum qualifications may be deemed non-Responsive.
Written notice will be sent to Proposers whose Proposal is deemed non-Responsive identifying the
reason. A Proposer has the right to appeal the decision pursuant to OSU Standard 03-015, Sec. 5.20.
P2020-002535-JK Revolving Credit Facility or Similar Financial Product
Page 4

Sign-up for a Free Trial, Government Bid Alerts

With Free Trial, you can:

You will have a full access to bids, website, and receive daily bid report via email and web.

Try One Week FREE Now

See Also

Request for Proposal (RFP) Telephonic Interpreter Services (Prod) Only Manual Bids Allowed Issued

State Government of Oregon

Bid Due: 7/13/2021

Notice ORCPP Notice ORCPP Bid/RFP Human Resources Consulting Qualified Pool (Prod) Only Manual

State Government of Oregon

Bid Due: 2/28/2023

Opportunity No Organization Name Published Date Closing Date OHA-4155-16 OHA - Health Systems

State Government of Oregon

Bid Due: 6/30/2023

Opportunity No Organization Name Published Date Closing Date OHA-4321-16 OHA - Health Systems

State Government of Oregon

Bid Due: 11/14/2022