Duke University has bought back $500 million it borrowed during the financial crisis to increase its cash position, Bloomberg reports. The university paid premium to investors to redeem the taxable bonds before their scheduled maturity in 2014 and 2019.
The North Carolina-based school used $90 million of the money raised in January 2009 to subsidize operations and invested the remaining in corporate securities. Duke joins Harvard University in beginning to buy back the debt, calling bonds before the final maturity dates.
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