(NEW YORK) – The Texas State University System has issued $325.5 million in bonds at an average rate of 2.65 percent to refinance existing debt at lower rates and acquire proceeds for the construction of new facilities at three TSUS member institutions.

The bond issue includes refinancing $211.9 million in existing debt, saving $28.4 million in debt payments. The remaining $113.6 million will be used to support construction projects at Sam Houston State University, Texas State University and Lamar State College Orange.

“This transaction will save our member institutions tens of millions of dollars over the next 20 years and fund the construction of new facilities that are needed to accommodate growth across our System,” said Chancellor Brian McCall.

The Texas State University System is Texas’ first university system, consisting of seven member institutions stretching from the Big Bend Region of West Texas to the Louisiana border.