For Immediate Release
October 19, 2020
Leah Marvin-Riley | email@example.com | 303-818-9836
Colorado Treasury Leverages Low Interest Rates for State and University Funding
DENVER - The Colorado Department of the Treasury closed financing for almost $113 million to complete construction at the National Western Center (NWC) as part of the CSU Spur project. The State sold certificates of participation for $112,895,000 as part of a financing that began in 2018.
“Completing this financing means we’ll be able to put people to work,” said Colorado Treasurer Dave Young. “NWC’s unique partnerships will provide tremendous opportunities for Colorado’s citizens and will showcase world-class facilities.”
The three buildings being built, the Hydro Building, the Terra Building, and the Vida Building will dramatically remake the NWC. The Hydro Building (formerly the Water Resources Center), part of a partnership with Denver Water, will host multi-disciplinary programs drawing students, tourists, researchers and community members. The Terra Building (formerly the CSU Center), will include a wide variety of conference and exhibit space focused on agricultural and food research. The Vida Building (formerly known as the Animal Health Complex), will combine an equine and companion animal care space with educational facilities.
“I am pleased that once again, we were able to take advantage of interest rates at near historic lows,” said Young. “With a borrowing cost of just 2.1% on the financing, we are able to provide important funding without burdening tax payers.”
North Slope Capital served the State and CSU as Municipal Advisor on each tranche of the NWC sale, in March of 2018 and October 2020. The three underwriters on the financing were Wells Fargo, Stifel, and RBC.
In addition to the financing of the NWC, since January 2020 the Colorado Department of the Treasury has completed five multi-million dollar financings on behalf of Colorado’s citizens. Three routine financings took place, two on behalf of Colorado’s K-12 schools, in January and in August, for Colorado’s school district interest free loan program, as well as a financing for the state’s annual cash-flow program, which closed in August.
In addition, the second tranche of financing for Colorado’s road transportation and infrastructure, the Rural Colorado certificates of participation, closed in early June. The state also helped guide a refunding financing for the Colorado Department of Transportation in early August.The Department is currently preparing for financings for construction at CU, CSU, and Ft. Lewis, as well as the annual Building Excellent School Today financing. Both financings are scheduled for November sale dates.
See https://www.csuspur.org/construction for photos, renderings, and B-roll.