Tiffin University Revolving Credit Agreement: A Closer Look
Tiffin University is a private higher education institution located in Tiffin, Ohio. It offers several undergraduate and graduate programs across various fields of study, including business, education, criminal justice, and arts and sciences.
To support its operations and growth initiatives, Tiffin University has established a revolving credit agreement with a group of lenders. A revolving credit agreement is a type of loan that allows a borrower to access a set amount of funds on an as-needed basis, without having to reapply for a new loan each time. The borrower can borrow and repay the funds as often as desired, as long as they stay within the credit limit and adhere to the loan terms.
In Tiffin University`s case, the revolving credit agreement provides for a maximum borrowing amount of $35 million, subject to certain conditions and covenants. The lenders include Huntington National Bank, KeyBank National Association, and Wells Fargo Bank, National Association, among others.
According to the university`s latest financial statements, as of June 30, 2020, it had drawn $10.5 million under the revolving credit agreement. The borrowed funds are primarily used for capital projects, such as building renovations, equipment purchases, and technology upgrades.
The terms of the revolving credit agreement also require Tiffin University to meet certain financial covenants, such as maintaining minimum levels of liquidity, debt service coverage ratio, and net worth. These covenants aim to ensure that the university is financially stable and able to repay the borrowed funds on time.
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In conclusion, the Tiffin University revolving credit agreement is a crucial financial tool that enables the institution to invest in its infrastructure and enhance its educational offerings. By maintaining a stable financial position and adhering to the loan terms, Tiffin University can continue to provide high-quality education and contribute to its community`s economic growth.