Higher education bonds

Seven months after winning voter approval of one of its largest bond proposals, Austin Community College District will offer the market $175 million of bonds supported by its fast-growing tax base.

The Dormitory Authority of the State of New York has approved more than $3.22 billion in new financing for educational and healthcare institutions.

Louisiana, grappling with a $1.6 billion budget deficit that could hit its colleges and universities, has already cut state higher education funding by more than all but one other state, a study found.

Moody's Investors Service and Standard & Poor's both downgraded the California Institute of May 11 ahead of a $400 million taxable bond deal it plans to price on May 14.

Standard & Poor's on May 5 revised its outlook to negative on Atlanta’s Morehouse College bonds due to declining enrollment and increasing operating pressure.

The Tennessee State School Bond Authority closed on a bond offering May 7 that saved the state $12.9 million in addition to financing construction projects at colleges and universities.

Louisiana State University emphasized that it is not filing for bankruptcy; the school was criticized for a clumsy explanation of its financial position, leading to cancellation of a bond deal.

Uncertainty about Louisiana's higher education funding led Standard & Poor's to place five institutions on negative CreditWatch on April 28.

Northwestern University is offering more than $600 million of its gilt-edged paper to taxable and tax-exempt buyers to refund some debt and raise financing for projects in an ongoing $2.6 billion capital program.

Louisiana State University on Friday pulled a $114.5 million bond offering that had priced two days earlier after investors withdrew from the deal when concerns emerged over the institution’s financial status.

Standard & Poor's has revised its outlook to negative from stable on Illinois Wesleyan University’s A-minus rating assigned to debt from a 2006 issue.

A Moody's Investors Service downgrade drops Texas Southern University's $81 million of debt to the lowest investment grade rating of Baa3 with a continued negative outlook.

Rice University took advantage of low interest rates in the taxable market with $700 million of triple-A taxable bonds, including $100 million for new money.

Tax reform proposals to curb tax exemption for municipal securities would create uncertainty in the market, possibly lead to higher borrowing costs, and hurt infrastructure development, issuer and borrower groups warned a Senate Finance Committee working group this week.

The Standard & Poor’s outlook on Lubbock Christian University’s BBB rating has shifted to negative amid falling enrollment and dependence on tuition.

The Texas House of Representatives has passed Rep. John Zerwas's House Bill 100 that allocates $3.1 billion of tuition revenue bonds for colleges and universities across the state. No TRBs have won legislative approval in nearly a decade.

Declining state support and flat enrollment prompted Moody's Investors Service to cast a negative outlook on Kansas State University's upcoming sale of $61.7 million of revenue bonds rated Aa2.

The Tennessee State School Bond Authority is bringing $460 million of higher education facilities bonds to market on Wednesday.

Texas A&M University will take advantage of its top credit rating in a competitive sale of $289 million of Permanent University Fund bonds.

The Ohio State University wants a private firm to take over its energy system for 50 years in exchange for an upfront cash payment, marking another first for a public university.