Colliers recently facilitated a $520 million refinancing deal for Grand Canyon University, working with the Industrial Development Authority of Maricopa County to issue Education Bonds (Grand Canyon University Project Taxable Series 2024). This new financing replaces two bridge loans that Colliers had arranged earlier this year and also pays off GCU’s credit line. The debt is in the form of a 3a2 bond financing and serves as a partial refinancing of the university’s bonds from 2021.
Through this refinancing, GCU was able to consolidate some of its debt and extend the maturity date for this portion until 2029. The team at Colliers Mortgage Advisory, led by Robert Kline, Todd Noel, and Mindy Korth played an integral role in securing this deal.
According to GCU President Brian Mueller, “This significant refinancing demonstrates our exceptional financial performance over the past six years since we reverted back to our tax-exempt Arizona nonprofit status. It also reflects our commitment towards achieving strong student outcomes.”
