Higher Education

As a national, independent municipal advisory firm, we have a strong resume of experience with higher education clients. We assist several large state-related systems of higher education, as well as small private specialized colleges and universities.

PRAG serves a number of statewide higher education financing authorities, including those in Georgia, New Jersey, Virginia and West Virginia.


As an example of our state-wide experience, PRAG has served as financial advisor to the Georgia Higher Education Facilities Authority since the Authority was created in 2006 and authorized to issue revenue bonds to finance the acquisition, construction and equipping of facilities for public colleges, universities and technical colleges in the State of Georgia through the Board of Regents of the University System of Georgia. PRAG has assisted the Authority in all phases, including:

  • Advised on the development of the credit for the program, working with the State of Georgia Financing and Investment Commission, Attorney General’s office, bond counsel and underwriters.
  • Developed customized financing model for each bond issue with each project structured individually to meet minimum debt service coverage requirements, and involved capitalizing interest, deferring principal repayment and using different maturity lengths.
  • Advised on all aspects of the financing, including selection of the underwriting team, preparation of rating agency presentations and negotiation.
  • Some of the public and private colleges and universities PRAG has served as financial advisor to include The College of New Jersey, the New York Institute of Technology, The New York Law School, The New School University and St. Michael’s College.  In addition, we have advised on educational financing structures ranging from revenue bonds to P3 projects.