A $54,000-a-Year School in Pimco’s Hometown Eyes Own Foray Into Bond Market
- Sage Hill School is taking on $54 million in debt to expand
- The high school is planning to begin teaching middle school
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An elite private high school in Newport Beach, California, the home of bond-fund firm Pacific Investment Management Co., is making its own foray into the debt market.
The Sage Hill School, whose board of trustees includes executives from Pimco, Goldman Sachs Group Inc., and video-game maker Activision Blizzard Inc., is selling about $54 million of municipal bonds to build a middle school and new athletic facilities. The school said it’s the biggest capital project since it was founded.