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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


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    1. Debt ManagementNavigating Through Uncharted Volatility • Bill Doering Treasurer, University of Cincinnati • Pam McCreary Director Debt Management, University of Cincinnati

    2. 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)

    3. 2.5% 3.5% 13% 81%

    4. 2% 4% 3% 10% 81%

    5. Source: Ohio Board of Regents, 03/24/2009

    6. 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

    7. 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

    8. 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

    9. 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

    10. Questions?? • Contact Us • bill.doering@uc.edu • 513-556-4513 • pam.mccreary@uc.edu • 513-556-3149