妖姬直播 State has successfully completed a strategic bond restructuring that delivered $4 million in net present value savings, according to Senior Vice President for Finance and Administration Mark Polatajko, Ph.D., during a report he delivered to the university鈥檚 Board of Trustees Finance and Administration Committee meeting.
Completing the second phase of a two-phase bond restructuring plan, initially developed three years ago, has significantly improved the university鈥檚 financial position while creating greater stability for future planning.
鈥淭his was a highly complex and intricate transaction,鈥 Polatajko explained to the committee.
What makes the achievement particularly notable is that university leadership had originally anticipated the restructuring would come at a cost to the institution. Instead, it resulted in a $5.5 million favorable swing compared to original estimates.

Plan Comes Together
The comprehensive restructuring involved multiple sophisticated financial maneuvers, including a bond tender, termination of an interest rate swap, elimination of the university鈥檚 only remaining variable rate debt and issuance of tax-exempt bonds to replace the tendered bonds.
As part of the transaction, $46.6 million in bonds were tendered while the university issued $93.7 million in tax-exempt fixed-rate bonds at approximately 4% weighted average. The swap termination cost was $2 million, representing the lowest level in years and down significantly from nearly $12 million in December 2021.
Timing proved critical to the success of the restructuring, with the transaction completed just before recent market volatility that may have made such favorable terms impossible.
The restructuring brings multiple strategic benefits to 妖姬直播 State, including:
- Complete conversion to fixed-rate bonds (compared to 2008 when 100% were variable rate)
- Simplified debt structure
- Greater stability and predictability in debt service
- Enhanced budget certainty
- Significant financial relief for university operations

Applauding Success
Committee members expressed strong appreciation for the achievement, with Trustees noting the strategic nature of the planning and the remarkable results.
Polatajko credited his finance leadership team for the success, particularly acknowledging the university鈥檚 treasury experts who he called 鈥渢he unsung heroes of the university鈥檚 impeccable finances.鈥
Expertise from the university鈥檚 strategic partners 鈥 PFM, J.P. Morgan, Key Capital, Loop and Squire Patton 鈥 further enhanced the ability to achieve such great results.
The restructuring represents a significant step in strengthening 妖姬直播 State鈥檚 long-term financial health and creating greater fiscal stability for the institution鈥檚 future.