NU Board of Governors approves agreement

The Nipissing University Board of Governors recently approved an agreement with TD Canada Trust that will result in an annual savings of approximately $1M in debt servicing costs. As one of many steps to improve our financial future, the University embarked on the process of restructuring its long term debt. The approximate year-long process involved obtaining a private credit rating through Dominion Bond Rating Services as well as a comprehensive comparative analysis to assess our current situation, estimate our refinancing requirements, and explore our financing options.The resulting savings will help to advance necessary projects, identified at the board level, to enhance the experience of our students. These include: reorganizing and improving academic spaces; upgrading IT structures; building a new turf field; enhancements to the Nordic ski trails; and remedial work to the on-campus pond.
"Working closely with KPMG, we engaged in this process to attain lower interest rates, lower annual debt servicing costs, and additional capital funds. We expect this change will contribute significantly to the financial stability of the University over the coming years as well as to the quality of facilities for our students," said Cheryl Sutton, vice-president, finance and administration.