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University adjusts to market meltdown

Nov. 21, 2008

DETROIT--Acting at their Nov. 7 meeting, Western Michigan University trustees approved a move to allow University business officers to adjust to the downturn in worldwide economic markets by issuing fixed rate general revenue bonds based on the University's credit rating.

The 2008B Refunding Bonds will be used to refund variable rate bonds the University currently holds. Traditionally, to enhance the rates for variable bonds, the University has purchased insurance tied to the bonds. With the economic meltdown and the demise of Wall Street insurance firms, that option no longer exists.

Media contact: Cheryl Roland, (269) 387-8400, cheryl.roland@wmich.edu

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