Debt Management

Winter Crouse Maxwell ExteriorDebt Management at the University is overseen by the University’s Chief Financial Officer and the Treasurer.  In addition, any proposed borrowings need to be approved by the University’s Executive Committee. The purpose of bonding is primarily to support construction of campus facilities, major renovations, and repairs.

The University had approximately $432.7 million in outstanding long-term debt as of June 30, 2016, which is a combination of variable and fixed rate debt.  The University has executed interest rate swaps to convert its variable rate debt to a fixed rate.

The University’s credit worthiness has been assessed and rated by Moody’s Investors Service (Moody’s) and Standard & Poors (S&P).  Moody’s currently rates long-term debt of the University Aa3 with a stable outlook.  S&P currently rates long-term debt of the University AA- with a stable outlook.

 

Series* Par Amount Outstanding Remaining Interest Rates** Next Call Date Final Maturity
1999 A 18,925,000 Variable Anytime 12/01/2029
1999 B 25,550,000 Variable Anytime 12/01/2029
2005 A 40,000,000 Variable Anytime 12/01/2035
2005 B 40,000,000 Variable Anytime 12/01/2035
2008 A1 17,050,000 Variable Anytime 07/01/2037
2008 A2 50,000,000 Variable Anytime 12/01/2037
2008 B 29,850,000 Variable Anytime 07/01/2037
2010 A 75,525,000 Variable Anytime 12/01/2029
2010 B 30,930,000 Variable Non-callable 12/01/2019
2011 43,170,000 3.00-5.00 12/01/2021 12/01/2036
2013 61,655,000 3.00-5.00 12/01/2023 12/01/2038

*As of June 30, 2016

**Interest rate swaps are used to hedge variable rate debt. The weighted average fixed rate of the swaps is 3.683%