xhaav
Sophomore
Posts: 28
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Post by xhaav on Apr 25, 2024 20:14:34 GMT -5
I know we’ve seen some sneak peek screen grabs, but will it ever be officially released?!
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Post by Pakachoag Phreek on Apr 26, 2024 13:36:47 GMT -5
There may never be an "official" release.
Likely that the next appearance will be at the introduction of the next capital campaign, when new facilities at the top of the priority list are described, along with a price tag for each.
The College's long term debt was $236 million on June 30, 2023. Nearly $60 million of that debt matures 2024-26. There's probably not much appetite to re-finance much of that at this time.
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Post by sader1970 on Apr 26, 2024 13:56:06 GMT -5
Can't they just raise the tuition? The current students are "stealing" their education!
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xhaav
Sophomore
Posts: 28
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Post by xhaav on Apr 26, 2024 20:06:05 GMT -5
There may never be an "official" release. Likely that the next appearance will be at the introduction of the next capital campaign, when new facilities at the top of the priority list are described, along with a price tag for each. The College's long term debt was $236 million on June 30, 2023. Nearly $60 million of that debt matures 2024-26. There's probably not much appetite to re-finance much of that at this time. Thank you, Packachoag. Can you explain further the significance of the debt maturity to me? Are you saying that it will be a hindrance to further capital expenditures, or possibly delay the campaign? I’m fairy ignorant on stuff like this. But an infrastructure geek! |
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Post by Pakachoag Phreek on Apr 27, 2024 6:44:44 GMT -5
There may never be an "official" release. Likely that the next appearance will be at the introduction of the next capital campaign, when new facilities at the top of the priority list are described, along with a price tag for each. The College's long term debt was $236 million on June 30, 2023. Nearly $60 million of that debt matures 2024-26. There's probably not much appetite to re-finance much of that at this time. Thank you, Packachoag. Can you explain further the significance of the debt maturity to me? Are you saying that it will be a hindrance to further capital expenditures, or possibly delay the campaign? I’m fairy ignorant on stuff like this. But an infrastructure geek! Holy Cross' long-term debt is currently being paid off at a rate of $8 -9 million a year. However, in 2026, the amount due is $40+ million. This jump probably reflects the maturing of a balloon note that Holy Cross secured, IIRC, during the COVID pandemic when the finances of all colleges and universities were disrupted. The balloon note was probably used to cover an anticipated shortfall in revenue, and HC did not want to report an operating loss. Balloon notes are typically for a short period, with little/no principal paid until the final year of the note. The balloon note's maturing in 2026 would not affect the schedule of the capital campaign. It is possible that HC has used the balloon note as a cash reserve, and invested it. However, if HC had decided to use the proceeds of the balloon note to construct the City View townhouses and the new Jesuit residence (neither seems to have been financed through long-term bonds) then IMO, other options come into play, e.g., pay-off the note from the proceeds of a new long-term bond issuance, or convert the balloon note into a long-term debt instrument, or secure a new balloon note for the same amount as the original (unlikely). Holy Cross' long term debt is about $220 million. Colgate's is nearly double that. Boston College's long-term debt is $1.5 billion, with annual interest payments of over $50 million, and principal payments of over $30 million. Little wonder that BC's new capital campaign doesn't call for much in the way of new facilities. |
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Post by princetoncrusader on Apr 27, 2024 8:17:26 GMT -5
HC's bond rating from S&P and Moody's?
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Post by Pakachoag Phreek on Apr 27, 2024 8:56:32 GMT -5
HC's bond rating from S&P and Moody's? Moody Aa3 (fall 2022) S&P AA- (summer 2023) |
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Post by alum on Apr 27, 2024 9:18:52 GMT -5
Thank you, Packachoag. Can you explain further the significance of the debt maturity to me? Are you saying that it will be a hindrance to further capital expenditures, or possibly delay the campaign? I’m fairy ignorant on stuff like this. But an infrastructure geek! Holy Cross' long-term debt is currently being paid off at a rate of $8 -9 million a year. However, in 2026, the amount due is $40+ million. This jump probably reflects the maturing of a balloon note that Holy Cross secured, IIRC, during the COVID pandemic when the finances of all colleges and universities were disrupted. The balloon note was probably used to cover an anticipated shortfall in revenue, and HC did not want to report an operating loss. Balloon notes are typically for a short period, with little/no principal paid until the final year of the note. The balloon note's maturing in 2026 would not affect the schedule of the capital campaign. It is possible that HC has used the balloon note as a cash reserve, and invested it. However, if HC had decided to use the proceeds of the balloon note to construct the City View townhouses and the new Jesuit residence (neither seems to have been financed through long-term bonds) then IMO, other options come into play, e.g., pay-off the note from the proceeds of a new long-term bond issuance, or convert the balloon note into a long-term debt instrument, or secure a new balloon note for the same amount as the original (unlikely). Holy Cross' long term debt is about $220 million. Colgate's is nearly double that. Boston College's long-term debt is $1.5 billion, with annual interest payments of over $50 million, and principal payments of over $30 million. Little wonder that BC's new capital campaign doesn't call for much in the way of new facilities. The uses of the COVID era financing is discussed in the FYE 2022 audited financial statement—contemplative center, athletic facilities, wellness center, Prior. |
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