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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 ManagementNavigating Through Uncharted Volatility

  • Bill Doering

    Treasurer, University of Cincinnati

  • Pam McCreary

    Director Debt Management, University of Cincinnati


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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)


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2.5%

3.5%

13%

81%


Slide4 l.jpg

2%

4%

3%

10%

81%



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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


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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


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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


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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


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Questions??

  • Contact Us

    • bill.doering@uc.edu

    • 513-556-4513

    • pam.mccreary@uc.edu

    • 513-556-3149