Retail investors bought a record $168 million worth of UConn bonds on Monday, according to State Treasurer Denise L. Nappier.
Nappier’s announcement of the $202 million bond sale came just moments before tipoff at Monday night’s NCAA championship game that would result in the second UConn mens basketball title since 2011 and the fourth in its history.
Nappier didn’t see any coincidence.
“Today’s successful sale is a testament to the energy surrounding UConn, and the confidence investors have shown will translate into important investments in the university’s infrastructure at very favorable terms, which will help further the state’s economic development,” she said in a statement.
Retail investors were given priority for the two-day bond sale, with institutional buyers getting to bid on the remaining bonds after.
The result was an overall interest cost of 3.34 percent, Nappier said.
Of the amount borrowed through the bond sale, UConn Health Center will receive $76.4 million for renovations to its main building and incubator lab space in its research towers. Funding will also go to continued construction at John Dempsey Hospital and improvements to UConn classrooms and dormitories.
Additional bonds were issued to refinance existing bonds at lower rates, resulting in $8.5 million in savings, officials said.
