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PFA Closes $50 MM Financing for the United States Golf Association

The Public Finance Authority (PFA) has provided $50 million to refinance and finance 501(c)(3) nonprofit revenue bonds for the United States Golf Association (USGA). USGA will use the bond proceeds to renovate and expand an administration building. USGA is the United States association of golf courses, clubs, and facilities and is the governing body of golf for the U.S. and Mexico.

USGA is one of the world's foremost authorities on research, development and support of sustainable golf course management practices. It serves as a primary steward for the game's history and invests in the development of the game through the delivery of its services. Additionally, the USGA's Course Rating and Handicap systems are used on six continents in more than 50 countries. USGA's motivation for the project is to provide a better and more modern work space for staff, including more common space for collaboration and formal meeting space.

PFA partnered with McCarter & English LLP, First Republic Bank and Janney Montgomery Scott LLC to provide financing to the USGA. The bonds will provide additional capacity for the expansion of staff within the association and community.