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Bond proceed provided for the refunding of the University's 2008 Series M and Series N CHEFA bond issues. The Series S bonds were structured to provide upfront savings in FY2018 through FY2020 with uniform annual debt service savings thereafter.
The refundings provided over $8.9 million, or 2.7%, in net present value savings. The University is rated A3 and A- by Moody's and Standard and Poor's, respectively.
For further information, search EMMA for this issue.