Hawkins Delafield & Wood LLP served as Disclosure Counsel to the Regents of the University of Michigan in connection with the issuance of four series of bonds, totaling $2.4 billion of taxable and tax-exempt financing. The transaction included the largest issuance of Century Bonds by a college or university and the University’s first issuance of Green Bonds.
The proceeds of the Century Bonds will finance general purposes of the University and provide funding for a variety of capital projects. The University expects to complete numerous capital projects over the next several years, including construction of three new undergraduate residence halls on North Campus, completion of the new Michigan Medicine Clinical Inpatient Tower, construction of a new classroom and laboratory building for the College of Pharmacy, and replacement of the Central Campus Recreation Building.
The Green Bonds provide funding for a variety of decarbonization and clean energy projects in furtherance of the University’s goal of carbon neutrality by 2040.
|Distinction||Largest Century Bonds by a Higher Education Institution|
|Issuer||University of Michigan|
|Issue Size||$2.4 Billion|
Explore Profiles of Other Projects in the Education Industry
Berea College’s Sustainability Bonds
Buffalo City School District Project
California College of the Arts
Kentucky Student Loan Financing Restructuring Program
Maine College of Art
Maine Health and Higher Educational Facilities Authority
Mills College Merger
Portland Oregon Public Schools
Public Private Partnership for New Jersey University Student Housing Project
Stanford University Sustainability Bonds – Climate Bond Certified
University of Southern California