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Business News/ News / Harvard University Floats $1.65 Billion Upcoming Debt Sale
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Harvard University Floats $1.65 Billion Upcoming Debt Sale

Harvard University is considering the sale of as much as $1.65 billion of bonds, marking the latest Ivy League school to sell debt this year, and potentially providing a sign of how it’s financially faring after months of turmoil over allegations of antisemitism on campus.

Harvard University Floats $1.65 Billion Upcoming Debt SalePremium
Harvard University Floats $1.65 Billion Upcoming Debt Sale

(Bloomberg) -- Harvard University is considering the sale of as much as $1.65 billion of bonds, marking the latest Ivy League school to sell debt this year, and potentially providing a sign of how it’s financially faring after months of turmoil over allegations of antisemitism on campus.

The university is planning to sell as much as $750 million of taxable fixed-rate bonds the week of March 4 and $900 million of tax-exempt bonds in April, according to a regulatory filing on Monday. 

Harvard has come under scrutiny from lawmakers, students, alumni and donors in the wake of Hamas’s Oct. 7 attack on Israel, resulting in the resignation this year of President Claudine Gay. Some of its most prominent benefactors have signaled they won’t commit more money to the school and it faces costly lawsuits and possible government actions that could take away financial support. The bond offering documents from Harvard could outline additional details on the financial impact the school has incurred as a result. 

The taxable bonds will be index-eligible in one or more benchmark maturities while the tax-exempt debt will be issued by the Massachusetts Development Finance Agency. Harvard didn’t give specifics about how the taxable proceeds will be used but noted that those raised from the tax-exempt sale will finance capital projects and a potential refinancing. 

Harvard has tapped Goldman Sachs & Co. to lead the sales with Barclays Plc serving as co-senior manager, the filing says. Spokespeople for both banks did not immediately respond to a request for comment.

Harvard would mark the latest prestigious US college to tap the muni market for financing. Princeton University sold bonds earlier this month and is selling additional debt this week. 

Read More: Princeton Investment Chief Gets ‘Sparky’ Adieu in Mega Bond Sale

--With assistance from Janet Lorin.

More stories like this are available on bloomberg.com

©2024 Bloomberg L.P.

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Published: 27 Feb 2024, 02:48 AM IST
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