Harvard University Taps Credit Market for Up to $1.1 Billion
- Richest U.S. school endowment had $40.9 billion as of June
- Higher education is being upended by the coronavirus pandemic
Photographer: Victor J. Blue/Bloomberg
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Harvard, the richest U.S. university, is tapping the credit markets for as much as $1.1 billion at a time when it can secure lower funding costs after recent steep rate cuts made to address the coronavirus pandemic.
As much as $573 million in revenue bonds will be sold through a state agency and the proceeds will be used to refinance outstanding debt, Moody’s Investors Service said this week in a report. The ratings company said Harvard will also sell $500 million in taxable bonds for “eligible corporate purposes.”