UConn Announces Record $582 Million Bond Sale For Campus And Health Infrastructure Projects

HARTFORD, CT — State Treasurer Erick Russell and University of Connecticut Executive Vice President for Finance and Chief Financial Officer Jeff Geoghegan Wednesday announced results of what they termed a "historic" bond sale for the university.

The $582 million transaction represents the largest in the history of the UConn 2000 Program, they said. The sale includes $434 million in tax-exempt UConn General Obligation bonds and $148 million in taxable Bond Anticipation Notes, Russell and Geoghegan said.

The university plans to use $252 million in new funds for capital improvements. Projects include academic and research facilities, library investments and infrastructure updates at the Storrs and UConn Health campuses, Russell and Geoghegan said.

The remaining funds will support the acquisition of and improvements to Waterbury Hospital, they said.

The bond sale also allows the university to refinance previous debt, which is expected to result in $20 million in savings over the next decade.

Russell said the sale is a major investment in the future of the university.

"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," Russell said.

He added that strong interest from investors reflects "continued confidence in the university and the fiscal position of the state."

Geoghegan said the success of the sale allows the university to continue investing in initiatives "centered on student success, research impact, and statewide economic vitality."

He added, "It also furthers our mission of expanding access to high-quality healthcare by enabling capital improvements at UConn Health Waterbury Hospital."

Geoghegan said improvements in Waterbury will "enhance regional healthcare services."

The state prioritized retail investors during the March 9 order period, receiving $317 million in orders. Institutional investors placed $537 million in orders the following day. Three major credit agencies, Moody’s Investors Service, S&P Global Ratings, and Fitch Ratings, provided stable ratings for the program prior to the sale.

The UConn 2000 bonding program was established in 1995 and has provided funding for $5.7 billion of capital improvements over 36 years.

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