(AUSTIN) – Taking advantage of historically low interest rates, the Texas State University System has refinanced a portion of its outstanding debt, saving the system more than $27 million in debt service costs over the next 20 years.
In a transaction completed last week, TSUS sold $315.7 million of Revenue Financing System debt to: refinance outstanding debt totaling $217.3 million; fund new construction projects at Sam Houston State University and Texas State University totaling $108.9 million; and pay $2.04 million in bond issuance costs.
The all-in interest rate for the transaction was 3.22%.