Hunton Andrews Kurth Underwriters of the Regents of the University of Michigan’s Inaugural Century Bond Offering, Inaugural Thirty-Year Green Bond Offering and Tax-Exempt Bond Offering

Hunton Andrews Kurth LLP advised the underwriters in connection with the issuances by the Regents of the University of Michigan (the “Issuer”) of (i) $1.7 billion aggregate principal amount of its inaugural General Revenue Bonds, Series 2022A (Taxable) due April 1, 2052 and April 1, 2122 (commonly known as “century” bonds) (the “Series 2022A Bonds”), (ii) $300 million aggregate principal amount of its inaugural General Revenue Bonds, Series 2022B (Taxable) (Green Bonds) due April 1, 2052 (the “Green Bonds”) and (iii) $55.7 million aggregate principal amount of its General Revenue Bonds, Series 2022D (the “Tax-Exempt Bonds”). The proceeds of the Series 2022A Bonds are expected to be used by the Issuer to pay all or a portion of the costs of capital projects of the University and for other general corporate purposes of the University. The proceeds of the Green Bonds are expected to be used by the Issuer to pay all or a portion of the costs of certain capital projects determined by the Issuer to advance the University of Michigan’s commitment to decarbonization and its goal of achieving carbon neutrality by the year 2040, including a revolving energy fund for energy retrofit projects, a geothermal system, clean transportation projects and buildings currently expected to achieve at least Leadership in Energy and Environmental Design (LEED) Silver certification. The proceeds of the Tax-Exempt Bonds are expected to be used for the purpose of currently refunding certain outstanding indebtedness of the Issuer and paying costs incidental to the issuance of the Tax-Exempt Bonds.

The Issuer is established under Article VIII, Section 5 of the Constitution of Michigan of 1963 and is granted the general supervision of the University of Michigan (the “University”) and control and direction of all expenditures of University funds. The University was originally chartered in 1817 by the Michigan territorial legislature and located in Detroit. In 1837, after Michigan had been admitted to the United States, the State of Michigan renewed the charter and located the University in Ann Arbor, where classes were first held in 1841. The University celebrated its bicentennial in 2017. The main campus of the University continues to be located in Ann Arbor, 43 miles west of Detroit. Major campuses are also maintained in the cities of Dearborn and Flint, Michigan. Undergraduate programs in nearly 500 fields of study are offered by these three campuses.

The Hunton Andrews Kurth team included Bud Ellis, S. Christina Kwon, Brendan M. Staley and Brendan P. Harney. Andrew Kintzinger provided tax advice.