debt management navigating through uncharted volatility
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Debt Management Navigating Through Uncharted Volatility. Bill Doering Treasurer, University of Cincinnati Pam McCreary Director Debt Management, University of Cincinnati. UNIVERSITY OF CINCINNATI. Ohio Public University – 1819 1 of 2 Carnegie High Level Research Universities in OH

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debt management navigating through uncharted volatility
Debt ManagementNavigating Through Uncharted Volatility
  • Bill Doering

Treasurer, University of Cincinnati

  • Pam McCreary

Director Debt Management, University of Cincinnati

university of cincinnati
UNIVERSITY OF CINCINNATI
  • Ohio Public University – 1819
  • 1 of 2 Carnegie High Level Research Universities in OH
  • 14 Colleges and 2 Schools; 2 Branch Campuses
  • Over 37,000 Total Enrollment
  • Approximately $1 Billion Operating Budget
  • $833 Million Endowment (as of June 30, 2009)
  • $191 Million Operating Cash (as of June 30, 2009)
  • Over $1 Billion in Outstanding Debt
  • Ratings: Moody’s A2; S&P A+ (as of September, 2009)
slide3

2.5%

3.5%

13%

81%

slide4

2%

4%

3%

10%

81%

institutional liquidity
Institutional Liquidity

LOW

HIGH

  • Capitalized Interest
  • LOC Provided on VRDN
  • Internal Overdrafts
  • BANS
  • Bridge Financing
  • Frequency in Market to Sell Bonds
  • Commercial Paper
  • Self-Liquidity on VRDN
  • Dedicated Internal-Funded Borrowing
proposed debt service restructuring 2008 2009 maturities
Proposed Debt ServiceRestructuring - 2008 & 2009 Maturities

Annual Debt Service – Before and After Restructuring (Net of Assumed Interest Earnings)

General Receipt Bonds, Certificates of Participation and Capital Leases

Note: See Present Value Analysis of Before and After Debt Service Payments

9

how did uc get things accomplished so quickly
How Did UC Get Things Accomplished So Quickly?
  • Refunding Board approved resolutions
    • Update annually to be poised to act
  • Access to Sr. VP of Finance and board members
    • Set up weekly conference calls with investment, debt, finance
  • Tap into internal experts, if available
    • Discuss/Review with Chief Investment Office for Endowments
  • Education
    • Crash course on swaps
how did uc get things accomplished so quickly18
How Did UC Get Things Accomplished So Quickly?
  • Tap into colleagues
    • Decision to do Swap
    • Needed Swap Advisor FAST
  • Ready access to underwriter, bond counsel and issuers council
    • Multi-year contracts
    • Long term relationships
  • Flexibility of finance team
    • Weekly conference calls
    • Regular in-person meetings
  • In the market frequently
    • Quarterly, on average
questions
Questions??
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