By Chris Wack
The Regents of the University of Idaho will sell $137.8 million of general revenue bonds to help finance various improvements and renovations to existing housing facilities and construction of new housing.
The Series 2025 A general revenue bonds are also being issued to pay the principal of and interest on a maturing debt instrument, and to fund capitalized interest, according to a preliminary official statement posted on MuniOS. The university received an extension of credit to provide interim funding for the project in December from Wells Fargo Municipal Capital Strategies, one of the underwriters on the deal.
A date for pricing wasn't provided, but the securities are scheduled for delivery on or about Sept. 10.
Interest on the bonds is payable starting on April 1 and again on Oct 1.
The bonds are solely payable from and secured by revenue, including certain student fees, enterprise revenue and interest earnings on university funds and accounts
The securities are obligations of the university, and will mature from 2028 through 2057.
Proceeds will be used to fund renovations to two separate buildings totaling about 1,400 beds. The project also includes redevelopment of the South Hill neighborhood, which will involve the demolition of one location, and construction of new graduate and married/family housing, resulting in a net increase of about 250 beds.
The University of Idaho has an enrollment of 11,300 full-time and part-time students. Policy direction of the university is vested in the Regents of the University of Idaho.
S&P Global Ratings has issued a A ratings on the bonds.
Wells Fargo and RBC Capital Markets are listed as the lead underwriters.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
08-04-25 1302ET
