University of South Alabama Board of Trustees Meeting Agenda 2026-06-04
Board Authorizes Redemption of $15.1M Renasant Note
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Description
The Board authorized the University to redeem its $15.1 million short-term promissory note with Renasant Bank that financed the ambulatory surgery center purchase. The payoff will be funded from proceeds of the Series 2026 bonds or related bridge loan obligations at par plus accrued interest.
Contract Details
Contract Amount
$15,100,000 (principal amount of 2026 Note)
Vendor
RENASANT BANK
Agency
Usa Health University Hospital, AL
Contract Type
FINANCIAL_SERVICES
Document Date
June 2, 2026
Contract Term
Short-term promissory note dated January 21, 2026; redeemable at any time at par plus accrued interest
Renewal Info
Note is callable at 100% of principal plus accrued interest; Board resolution directs redemption within 30 days after issuance of long-term financing used to retire the note.
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University of South Alabama Board of Trustees Meeting Agenda 2026-06-04
University of South Alabama Board of Trustees Meeting Agenda 2026-06-04
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