DEBT MANAGEMENT

KS' Debt Policy limits the amount of debt allowed to 10-20 percent of the fair market value of the endowment and defines the requirements and parameters for the utilization of debt and other appropriate considerations. During the fiscal year 2002-2003, KS drew down approximately $70 million from its $150 million private shelf facility to manage the debt financing of its capital projects. As of June 30, 2003, the balance outstanding of the private shelf facility was $90 million, inclusive of $20 million drawn the previous year. As a result, debt and debt-related guarantees represented approximately 3.8% of the fair market value of the endowment as of June 30, 2003, and approximately 3.0 percent as of June 30, 2002.

Last Updated Monday, March 14 2005 @ 02:47 PM HST; 1,873 Hits