Marketwatch.com is reporting Indiana State University is wanting to sell $20 Million in bonds so it can refund outstanding student fee bonds, and to pay costs of issuance. Fitch provided a detailed analysis and gave the university a grade of (AA-). This should make investors feel comfortable when buying the debt. Debt sale is planned for December 8th.
Here is some highlights of the article:
-As of fall 2014, the university had 11 residence halls with total occupancy for 3,660 students and a 99.5% occupancy rate, including the recently completed Reeve Hall.
-Indiana State has over $110 Million in existing bonds due to residence hall and food services upgrades
– the university’s fall enrollment headcount grew to a record high of 13,183 in fall 2014, increasing by 2,649 students (or 25.1%) over fall 2009.
– ISU’s available funds, defined by Fitch as cash and investments not permanently restricted, grew to about $157 million at the close of fiscal 2014, up 5.8% from the prior year and 39.9% from the period since fiscal 2010.