The state of Arkansas occasionally issues higher education bonds to fund portions of its budget. One such issuance of Higher Education General Obligation Bonds were issued to provide funds to finance technology and facility improvements for state institutions of higher education and to refund certain outstanding bonds.
It is prudent of any institution with significant amounts of debt outstanding to review opportunities to refinance at lower interest rates, but often times those opportunities can be hard to identify. Crews makes it a priority to review outstanding debt of clients to look for such opportunities.
Crews identified a $125 million portion of an Arkansas general obligation bond issue that could be advance refunded for significant savings. The State hired Crews and engaged them as sole senior manager to refinance the specified debt. The Bonds are direct general obligations of the State of Arkansas, secured by an irrevocable pledge of the full faith and credit of the State, and payable from the general revenues of the State and investment earnings on the proceeds of the bonds.
Crews worked hard to serve our client in extraordinary ways by: