- Ivy League school plans to sell debt in March and April
- Bonds will be both taxable and tax-exempt, filing says
Harvard University is considering the sale of as much as $1.65 billion of bonds, marking the latest Ivy League school to issue debt this year, and potentially providing signs of how it’s financially faring after months of turmoil over allegations of antisemitism on campus.
The university is planning to borrow 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 such as billionaires Ken Griffin and Len Blavatnik, both alumni. In addition, the school is facing inquiries in two Congressional committees, federal lawsuits and possible government actions could take away financial support. Federally sponsored research comprised 11% of its operating revenues during the fiscal year that ended in June.
Bloomberg Markets
By Amanda Albright and Janet Lorin
February 26, 2024