La Roche University, a private Catholic university in Pennsylvania, is giving bondholders a mortgage on the college president’s home as extra protection.
The provision was included as part of a forbearance agreement that the college reached this month with UMB Bank, the trustee for bondholders, according to a regulatory filing. The five-bed, 3 1/2-bath residence, which is similar to others in the neighborhood, is worth an estimated $682,000, according to Zillow.
La Roche, located in a Pittsburgh suburb, is contending with a nearly 30% drop in undergraduate enrollment since 2020. The school was founded in 1963 by the Congregation of Divine Providence and has periodically encountered financial difficulties since then, according to its website. It has about $19 million in municipal-bond debt outstanding.
Bloomberg Markets
By Amanda Albright
March 25, 2025