Posted on | September 24, 2010 | Comments Off on University Sells $293 Million Bonds to Finance Construction
The University of Hawaiʻi sold $293.425 million of University Revenue Bonds, Series 2010A&B, which included both traditional tax-exempt bonds and taxable Build America Bonds. The Series 2010A Bonds are being issued to finance the construction of new facilities for the university’s Cancer Research Center of Hawaiʻi. The Series 2010B Bonds are being issued to finance various projects across the university system, including the construction of the new West Oʻahu campus, the information technology building, renovation and addition to Mānoa’s Campus Center and energy conservation and efficiency projects at the community colleges.
“This is a very good day for the University of Hawaiʻi,” said UH President M.R.C. Greenwood. “The funds we raised will enable us to move forward with a number of key projects to serve our students and the people of Hawaiʻi. We’re very grateful to all of the investors who purchased these bonds, particularly our Hawaiʻi investors, for their confidence in the university.”
Retail demand for the university’s tax-exempt bonds was strong, especially within Hawaiʻi, as the university generated over $118 million of retail investor orders. Moody’s Investors Service, Standard and Poor’s and Fitch Ratings affirmed the university’s outstanding ratings of Aa2/A+/AA, respectively, citing the university’s dominant market position within the State of Hawaiʻi, fairly consistent and significant levels of state financial support, healthy enrollment trends and sound balance sheet liquidity.