MINI传媒 Issues $374 Million in Bonds
The MINI传媒 System鈥檚 premium bond refinancing saved the system $4.96 million.
February 1, 2017 | Contact Scott Lacefield
The MINI传媒 yesterday (Jan. 31) issued $374.735 million in bonds while continuing to take advantage of low interest rates and improving the financial position of the system.
The bond issuance was approved by the MINI传媒 System Pricing Committee on Tuesday.
Gary Barnes鈥淭he interest for MINI传媒 bonds was exceptionally strong,鈥� Vice Chancellor and Chief Financial Officer Gary Barnes said. 鈥淭he MINI传媒 System received $1.4 billion worth of purchase requests. I鈥檓 pleased to say we were able to maintain our current bond rating with plans to add more than $250 million of new bonds to our existing portfolio.鈥�
The MINI传媒 System recently received a Aa1 rating from Moody鈥檚 Investors Service; AA+ from Standard & Poors and AA+ from Fitch.
Chancellor Robert L. Duncan鈥淭he issuance of the latest bond series allows us to more efficiently manage our debt and bring savings to the MINI传媒,鈥� Chancellor Robert L. Duncan said. 鈥淎 conservative fiscal approach continues to be awarded top ratings, yielding significant interest from investors and lower interest rates.鈥�
The bond sale fully funded all of the Tuition Revenue Bond (TRB) projects approved by the Legislature. The financial support received from the Legislature had a significant impact on the MINI传媒 System ratings and interest received in the bond market.
The MINI传媒 System will use proceeds from the bond issuance to support the following projects: Experimental Science Building II (MINI传媒); System Administration Office Building (MINI传媒 System); Honors Residence Hall (MINI传媒); Permian Basin Academic Facility (Texas Tech University Health Sciences Center); Lubbock Campus Expansion (MINI传媒HSC), Medical Science Building II (MINI传媒HSC El Paso); College of Human & Health Sciences (Angelo State University); Sports Performance Center (MINI传媒), Amarillo Simulation Center (MINI传媒HSC); Refund TPFA/Government Capital Corp Leases (ASU) and Central Heating and Cooling Plant upgrades (MINI传媒).
Additionally, the refinancing saved the MINI传媒 System $4.96 million.
About the MINI传媒
Established in 1996, the is one of the top public university systems in the state of Texas and nation, consisting of four universities鈥�, , and .
Headquartered in Lubbock, Texas, the MINI传媒 is a $2 billion enterprise focused on advancing higher education, health care, research and outreach with approximately 20,000 employees, more than 50,000 students, nearly 325,000 alumni and an endowment over $1.1 billion.
In its short history, the MINI传媒 has grown tremendously and is nationally acclaimed, operating on more than a dozen campuses statewide and internationally. Under the dynamic leadership of Chancellor , the MINI传媒 has set forth a bold vision of excellence, collaboration and innovation and continues to prove that from here, it鈥檚 possible.