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The University of Michigan committed to $2 billion in bonds to finance future capital projects, MLive reported. The bond issuance is the largest ever of its kind, university officials said.
The bonds will fund three new residence halls, the Michigan Medicine Clinical Inpatient Tower and a new central campus recreation building, to start. The university is required to pay back $1.2 billion over 100 years and the remaining $800 million over 30 years.
Michigan secured the bonds through Loop Capital Markets, a minority-owned investment bank, as well as the lead underwriter at Barclays, according to MLive.
The university received $300 million in green bonds, which stipulate that the money be spent on capital projects that further climate, energy and sustainability goals.
