Alabama System to Open $250M Lines of Credit

The University of Alabama System is moving to secure hundreds of millions of dollars in credit lines as a financial backstop against issues caused by the coronavirus outbreak.

The Executive Committee of the system’s Bord of Trustees approved securing $250 million in credit from two banks, Al.com reported.

“The resolutions passed today by the Board of Trustees Executive Committee give our System the capacity to provide an additional $250 million in liquidity if it were to be needed at any future point,” a system spokesperson told Al.com. “We consider this to be a form of insurance to assist our campuses and the UAB Health System as we respond to the COVID-19 crisis.”