Debt Management

Debt 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 $668 million in outstanding fixed rate long-term debt as of September 30, 2020.

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*     Type Par Amount Outstanding Cost of Capital** Next Call Date Final Maturity
2011   Tax Exempt  2,995,000 3.3% 12/01/2021 12/01/2021
2013   Tax Exempt 7,725,000 3.1% 12/01/2023 12/01/2023
2019   Tax Exempt 317,720,000 3.3% 12/01/2029 12/01/2049
2020A Tax Exempt 114,945,000 1.6% 06/01/2030 12/01/2035
2020B Taxable 224,410,000 3.0% N/A 12/01/2055

*As of September 30, 2020

**Weighted Average Cost of Capital is currently 2.9%