7-Addendum 2 RFP GMU-ER0408-25 Underwriting Services.pdf

RFP ADDENDUM NO. 2:

Date: August 25, 2025 Reference: RFP # GMU-ER0408-25 Title: Underwriting Services RFP Issued: July 30, 2025 Proposal Due Date: September 26, 2025 @ 2:00 PM ET (Revised as of Addendum No. 1)

The following changes are hereby incorporated into the aforementioned RFP:

1. Public Q&A (Round 1): Please see attached to this Addendum Number 2 the Questions and Answers received in response to this solicitation by August 11, 2025 by 4:00PM ET. All information provided in the Answers should be incorporated into any offer/proposal made.

2. Schedule Changes: Please see the revised schedule below. Please note that we are giving offerors another opportunity to submit questions. Questions can be submitted through the Bonfire system until September 3rd, 2025 at 4:00PM ET. Answers will be posted in a follow on Addendum by September 12th, 2025 by 5:00PM ET.

Amended RFP Schedule (Subject to Change)

Issue Date July 29, 2025

Contractor Questions Due – Round 1 Questions August 11, 2025 by 4:00PM ET

George Mason University Response to Contractor Questions – Round 1

August 25, 2025

Contractor Questions Due – Round 2 Questions (Bonfire ONLY)

September 03, 2025 by 4:00PM ET

George Mason University Response to Contractor Questions – Round 2

September 12th, 2025 by 5:00PM ET

Proposal Submission Deadline (Bonfire ONLY) September 26, 2025 by 2:00PM ET

Oral Presentations (If Requested) Week of October 27, 2025

Notice of Award (Tentative) December 08, 2025

Contract Start Deadline TBD

Purchasing Department 4400 University Drive, Mailstop 3C5 Fairfax, Va. 22030 Voice: 703.993.2580 | Fax: 703.993.2589 http://fiscal.gmu.edu/purchasing/

I hereby acknowledge receipt of Addendum # 1 RFP GMU-ER0408-25.

Name of Offeror/Firm

NAME (Print or typed)

Signature

Date

Addendum # 2 Public Q&A

1. Question B.11 - End of Trading Date

Vendor, Aug 06, 2025 3:18 PM EDT, Not Public - Pending

In Question B.11. of the RFP, we are required to provide taxable and tax-exempt scales.

The as of date is not specified - what date should we use?

Answer: 6/30/2025

2. Payment Terms

Vendor, Aug 11, 2025 2:02 PM EDT, Not Public - Pending

As part of the submission requirements, we must select one of the three options for Payment Terms; however, the payment for underwriters is generally none of the three options listed. How should we respond?

Answer: Please disregard this requirement. We have removed it from the template under “Required Info” and it should no longer be a submission requirement in Bonfire.

3. Financing Scenario Date

Vendor, Aug 11, 2025 2:03 PM EDT, Not Public - Pending

In the RFP, it has a blank for the "rates as of" date. What date should we use for rates?

Answer: For this pricing scenario please use June 30, 2025.

4. Question 19

Vendor, Aug 11, 2025 2:13 PM EDT, Not Public - Pending

Question 19 asks us to provide cost of issuance breakdown. Is this a proposal for us to reach out to underwriter counsels to receive fees? If so, can GMU share who they are using for bond counsel? Do you have estimated bond counsel fees we can include in this estimate or should we exclude? Rating agency fees are dependent upon the par amount of the contemplated issuance - as is the underwriter's discount. What par amount should be assumed for this question? Does the underwriter's discount proposed here represent the fee structure for the full term of the underwriting pool or will that be subject to negotiation at each transaction?

Answer: The University has historically retained the serves if McGuire Woods as bond council. For example purposes please use $150m tax-exempt 30yr with10yr par call.

5. (1) Section XII: B.1(d) (SOW or Supplemental Documentation)

Vendor, Aug 11, 2025 2:14 PM EDT, Not Public - Pending

The RFP instructs respondents to “include any and all terms and conditions, additional documents, and/or statements of work that could potentially be incorporated into a final contract or apply during the term of a resulting contract.” Please confirm that the University is not seeking versions of the various documents/agreements that would require execution in connection with a bond transaction, credit agreement, commercial paper engagement or other capital markets transaction contemplated by the scope of the RFP.

Answer: The intent of this solicitation is to use George Mason University’s standard two party agreement, Attachment B, as the basis of any contract award made under this solicitation to establish a pool of firms who can provide underwriting services for future, specific, bonding transaction engagements and other related underwriting services. If your firm has any exceptions, redlines or supplemental terms and conditions that would need to be added to this contract please state as such, and provide those redlines/modification/exceptions and supplemental terms and conditions and/or documents with your offer. Mason is not seeking to enter into a specific bond transaction, credit agreement, or commercial paper agreement at this point in time but to get a pool of underwriting firms on contract to enter into these types of agreements/engagements at a future date in time for specific bond transactions.

However, we would appreciate it if you could provide templates or examples of your firm’s standard bond transaction agreement as part of your submission.

6. (2) Section XII: B.11 (As of Date for Scale Information)

Vendor, Aug 11, 2025 2:15 PM EDT, Not Public - Pending

Please confirm the as-of date that respondents should use when preparing pricing scales (the date is currently blank).

Answer: For this pricing scenario please use June 30, 2025.

7. (3) Section XII: B.16-18 (Credit Solutions)

Can the University provide any additional color on its anticipated credit needs (i.e., working capital lines vs. capital financing alternatives)?

Answer: The University does not anticipate procuring any Operating Lines at this time.

There could be the potential to eventually procure a dedicated line to back up a commercial paper program.

8. (4) Section XII: B.19 (Pricing Scenario Assumptions)

Is there a transaction size (par amount) that the University would like Respondents to assume when preparing the costs of issuance and underwriter’s discount summaries?

Answer: $150m tax-exempt. 30yr with10yr par call.

9. B. SPECIFIC REQUIREMENTS: #11

Vendor, Aug 11, 2025 3:09 PM EDT, Not Public - Pending

Please provide the "DATE" referenced.

Answer: We ask that you use market data as of end of trading on June 30, 2025.

10. B. SPECIFIC REQUIREMENTS: #18

Vendor, Aug 11, 2025 3:12 PM EDT, Not Public - Pending

Please confirm that the "credit capacity for Mason" refers to direct loans, lines of credit, and the like, provided by institutions that act in a bank / lending capacity in addition to a broker dealer / underwriter.

Answer: Correct.

11. XIV. CONTRACT ADMINISTRATION

Vendor, Aug 11, 2025 3:15 PM EDT, Not Public - Pending

Is it Mason's expectation that each firm will establish a contract at the time of award to be included in the pool or governed by a Bond Purchase Agreement at the time of pricing as is market standard?

Answer: Correct. See also Answer to Question 5.