The University successfully sold $500 million in debt last week, as Cornell maintained its credit rating on one index but slipped a notch on another.
Investors fully subscribed to Cornell’s bond offerings in under 30 minutes last Thursday, according to Tommy Bruce, vice president of University Communications.
The bond offering was divided evenly between $250 million of 5-year bonds at a 4.35-percent interest rate and $250 million of 10-year at a 5.45-interest rate.
While the University has lines of credit and regularly sells-tax exempt bonds to finance construction, the sale of these taxable bonds are unusual. The magnitude of the offering is, in fact, unprecedented.