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 $536 million in outstanding long-term debt as of February 29, 2020, 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
2008A2 50,000.00 Variable Anytime 12/01/2037
2010A 75,525,000 Variable Anytime 12/01/2029
2011 37,915,000 3.00-5.00 12/01/2021 12/01/2036
2013 55,325,000 3.00-5.00 12/01/2023 12/01/2038
2019 317,720,000 4.00-5.00 12/01/2029 12/01/2049

*As of February 29, 2020

**Interest rate swaps are used to hedge variable rate debt. The weighted average fixed rate of the swaps is 3.603%