Winthrop expects to save $526,000 with bond refinancing

The Winthrop University Board of Trustees has taken a step to refinance bonds – a move that is expected to save the school more than a half-million dollars over eight years.

The board voted unanimously Friday to issue $9.1 million in new Higher Education Revenue Bonds, expected to save $526,000. Board Chair Kathy Bigham said the measure will go the state Fiscal Accountability Authority for approval.

The university expects to save an estimated $598,000 in debt repayment through 2024. The bond issue costs are estimated to be $72,000, for a net savings of about $526,000, according to President Dan Mahony.

“We are always looking for ways to reduce costs and redirect resources to our priorities,” Mahony said. “Refinancing these bonds should free up more than half a million dollars for the campus.”

The $526,000 in expected bond refinance savings are in addition to more than $1 million in other savings made through refinancing, approved by the Winthrop board in October.

In that action, the Winthrop board agreed to refinance General Obligation State Institution Bonds, espected to save $1.4 million in debt repayment. The university has received state approval, and the bonds are expected to be issued within a few weeks.

This story was originally published January 29, 2016 at 5:04 PM with the headline "Winthrop expects to save $526,000 with bond refinancing."