Word: bond
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Dates: during 1980-1989
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...bond sale, which officials predict will occur within the next six months, is expected to end nearly a decade of MATEP-related financial headaches for Harvard. Since construction began in 1974, funded by operating capital, the cost of the plant has risen more than 10 times the original estimate of about $20 million, and a variety of refinancing schemes have collapsed because of the nation's economic climate and numerous administrative delays...
Combined with this package and four earlier bond issues, the MATEP series will put Harvard in debt by about $600 million, to be paid off during the next 25 to 30 years...
...plant some five years after construction. Harvard will be taking advantage of present low-market rates to recoup the original MATEP expenditure. The laws covering the issue will also enable Harvard to re-invest some of the money in its endowment and also to help pay off older bond issues. Harvard treasurer George Putnam '49 said recentls...
...December bond issue received an AAA rating-the highest possible-and sold out in a day. An official at Goldman Sachs, the New York brokerage firm that managed the sale, yesterday predicted the MATEP issue will also receive the top rating...
Earlier attempts at MATEP bond issues have also stalled, in part because the high interest rates would have put a large future burden on Harvard. In addition, existing laws did not allow the University to sell tax-free bonds for MATEP, since the plant earns profits...