Value Delivered:

KNN Public Finance assisted the California State University (CSU) System with the issuance of three separate series of bonds designed to consolidate multiple project financings and refundings.
   
Strategic Implementation:

KNN assisted the CSU System in sorting through its multiple financing requirements and helped to organize the following series of bond issues.

Series A, par value of $254,770,000:

A tax-exempt series of bonds, this offering was used to redeem CSU's interim financing through commercial paper and to fund new construction projects on five campuses. The issue also refunded and restructured debt for infrastructure and housing at the new Channel Islands campus.

Series B, par value of $13,165,000:

This taxable series of bonds encompassed refunding the taxable portions of previous debt incurred to finance commercial facilities at the Channel Islands campus and financing the taxable, private use portion of the new Sacramento campus bookstore.

Series C, par value of $63,2750,000:

This portion of the financing plan was used to refund the CSU's outstanding debt with senior liens on revenue bonds for the student unions on five separate campuses. Due to restrictions on advance refundings, Series C was a delayed delivery series of bonds, priced in February 2007 and scheduled to be delivered in August 2007.
   
Results:

By bringing these three series of bond issues to market, KNN Public Finance assisted CSU to reduce the overall cost of borrowing, expand its financing capabilities, and significantly reduce the administrative staff time needed to administer the financing.