GCU Obtains $520M Refi

Colliers arranged a $520 million refinancing for Grand Canyon University through the Industrial Development Authority of the County of Maricopa Education Bonds (Grand Canyon University Project Taxable Series 2024). This refinances two bridge loans that Colliers had arranged in October of this year and pays off its credit line. The new debt is a 3a2 bond financing and was issued as a partial refinancing of the bonds issued by the university in 2021. 

Refinancing of the 2021B 2024 series bonds allowed GCU to consolidate some of its debt and extend the maturity of this portion of bond debt to 2029. 

The Colliers Mortgage Advisory team was led by Robert Kline, Todd Noel and Mindy Korth. 

“The scope of this refinancing is pretty significant in the higher education bond market and speaks to GCU’s outstanding financial performance and strong student outcomes in the six years since reverting to our historical tax-exempt Arizona nonprofit status,” GCU President, Brian Mueller said.