Two years ago, UVA made national news with the execution of three bond sales at historically low rates (see the story from UVAToday). This summer, they did it again, issuing $100,000,000 of tax-exempt thirty-year bonds and $300,000,000 of taxable thirty-year bonds at historically low rates, setting two records!
The tax-exempt bonds achieved the lowest yield-to-maturity ever for any such bond issuance, and the taxable bonds achieved the lowest credit spread ever for such bonds.
The Unviersity was positioned to take advantage of favorable market conditions for this sale after the three major rating agencies (Moody's, S&P, and Fitch) all reaffirmed UVA's triple-A bond ratings and overall stable outlook.
The bond proceeds will provide financing for projects under the multi-year capital plan, to purchase remaining membership interest with Novant Health in Northern Virginia, and much more.
Congratulations to the Finance team, especially UVA Treasury, for the work they do to build upon previous success in the markets and to strengthen UVA's financial position in the long term.
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Get a peek behind the scenes of the 2019 bond deal.
Learn more about Treasury, Risk Management, and Julie Richardson, UVA's Treasurer.
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