Higher education bonds

The alma mater of former President James Garfield and current U.S. Rugby Olympian Kristi Kirshe plans to sell $108 million of bonds next week to help fund a new art museum and a multipurpose recreation center, according to bond documents.

North Dakota's Bismarck State College returned to the market, pricing $30 million of bonds, with proceeds used to finance the construction of an 80,000-square-foot athletic center.

S&P Global Ratings is concerned that fall freshmen enrollment will be down significantly after dropping last year.

The legislature dodged broad changes to education or transit, but bet big on business-friendly initiatives.

The Phoenix-based school's debt was rated a notch above junk — to BBB-minus by Fitch Ratings ahead of a refinancing of bonds from a 2021 issue.

Rider University, a small private college outside of Trenton, New Jersey, is trying to raise additional funds to help an ongoing liquidity crunch. 

Two universities at opposite ends of the state received Moody's downgrades this week.

S&P Global Ratings dropped Houghton University to BB-plus from BBB-minus, citing a track record of deficits plus a large operating shortfall.

Oversight Board Executive Director Robert Mujica said the only recently released fiscal 2022 ACFR showed revenues and expenditures continue to be imbalanced.

A preliminary forecast showed the school's days cash on hand falling below the Board of Regents' 140 days minimum requirement for a third straight fiscal year.

Orrick, Herrington & Sutcliffe take the top spot with a 10.29% market share.

RBC Capital Markets took the top spot for total education issuance, underwriting more than $10 billion in 2023.

Two California issuers take first and third spots on the list. The Regents of the University of California top the list with $2.875 billion in six deals while Los Angeles Unified School District lands at third with $1.189 billion in two deals.

Overall education issuance, including higher ed, K-12 and student loan debt, in 2023 totaled $94.9619 billion, or 3.6% more than 2022's totals.

Like many higher education institutions, the university's financial woes started when enrollment dropped thanks to the COVID-19 pandemic.

Its state university systems face a funding freeze for noncompliance with a 2023 state law banning diversity, equity, and inclusion offices.

A $327 million competitive bond deal, including $35 million of taxables, will fund renovations to the stadium and a new football operations building.

Goddard College became the latest small liberal arts school to close, citing long-term enrollment declines.

Muni to UST ratios also continue to rise across the curve, inching closer to more normal averages.

S&P Global Ratings revised its outlook on the university's debt to negative a month after Moody's Ratings took similar action as the school faces financial difficulties and management changes.