TREASURER RUSSELL ANNOUNCES HISTORIC UNIVERSITY OF CONNECTICUT BOND SALE

03/18/2026

TREASURER RUSSELL ANNOUNCES HISTORIC UNIVERSITY OF CONNECTICUT BOND SALE

(HARTFORD, CT) - State Treasurer Erick Russell and University of Connecticut Executive Vice President for Finance and Chief Financial Officer Jeff Geoghegan today announced the results of the latest University of Connecticut ("UConn") bond sale.

The $582 million transaction is the largest in the history of the UConn 2000 Program. It includes $434 million in tax-exempt UConn General Obligation bonds (the "Bonds") and $148 million in taxable Bond Anticipation Notes ("BANs"). The Bonds were offered to both retail and institutional investors and the BANs were offered only to institutional buyers.

The Bonds consisted of $226 million of new money bonds which, together with associated bond premium, will provide $252 million of funds for various UConn capital improvements. Key projects being funded include academic and research facilities; library investments; and telecommunications, equipment and infrastructure improvements at the Storrs and UConn Health campuses. The overall interest cost on the 20-year bond was 3.60%.

The Bonds also include $208 million to refinance all or a portion of the University's General Obligation Bonds, 2015 Series A and 2016 Series A. This refinancing will result in debt service savings of $20 million over the next 10 years.

The BANs will finance UConn Health's acquisition of and critical capital improvements to Waterbury Hospital.

"This historic bond sale is a major investment in UConn's future," said Treasurer Russell. By securing low borrowing costs and achieving significant savings through refinancing, we are delivering meaningful value for taxpayers while advancing critical improvements to academic, research, and healthcare facilities. The strong interest from both Connecticut residents and institutional investors reflects continued confidence in UConn and is a testament to the strength of our state's fiscal position."

"The success of this bond sale will allow UConn to continue to invest in its many initiatives centered on student success, research impact, and statewide economic vitality. It also furthers our mission of expanding access to high-quality healthcare by enabling capital improvements at UConn Health Waterbury Hospital," said Jeff Geoghegan.

"As part of the UConn Health Community Network, those improvements in Waterbury will greatly enhance healthcare services in the region," he added. We are grateful to the State of Connecticut for its continued support of UConn and UConn Health, and to those whose participation in this bond sale will help us bring these important initiatives to reality."

Treasurer Russell continued the long-standing practice of giving retail investors first priority during the March 9^th retail order period. A total of $317 million in retail orders were placed, including $134 million from Connecticut-based investors. During the institutional order period on March 10^th, institutional investors placed orders totaling $537 million.

In advance of the sale, three major rating agencies released their credit ratings for the UConn 2000 bonding program as follows: Moody's Investors Service at "Aa2", S&P Global Ratings at "AA-", and Fitch Ratings at "AA." All these ratings came with a stable outlook.

A comprehensive marketing campaign prior to the sale included print and digital advertising across various news websites and digital platforms such as Meta and, for the first time, LinkedIn.

The UConn 2000 bonding program was established by legislation enacted in 1995, and the program began issuing bonds 30 years ago. The program has been expanded and extended three times and altogether will provide funding for $5.7 billion of capital improvements at the University of Connecticut over a 36-year period.

RBC Capital Markets led the underwriting syndicate. Pullman & Comley LLC and Hawkins Delafield & Wood LLP served as co-bond counsel. Hardwick Law Firm, LLC and MWH Law Group LLP served as co-underwriters' counsel. Public Financial Management was the financial advisor.

The bonds are scheduled to close on March 24, 2026.

About the Office of the Treasurer

The Office of the Treasurer is charged with safeguarding Connecticut's financial resources through prudent cash management and debt management, with the State Treasurer serving as principal fiduciary for six state pension and twelve state trust funds. Additionally, the Office enhances the state's fiscal stability through programs promoting financial literacy and college savings, and it leverages business partnerships to support the advancement of Connecticut's social and policy priorities, including combating gun violence and protecting our environment. The Office of the Treasurer is led by State Treasurer Erick Russell, the first Black, out LGBTQ person to win an election for statewide office in American history. To learn more, visit portal.ct.gov/ott.

Contact: Brett Cody
[email protected] | (959) 529-2468