Word: sales
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Dates: during 2010-2019
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Harvard’s latest bond sale brought the school’s outstanding debt to $6.5 billion dollars, a debt load comparable to that of the city of Chicago. Proceeds from the sale—which attracted a mix of investors including high net worth individuals, hedge funds, and insurance companies—will be used to fund a building project at the Law School and to refinance previously issued University debt...
Harvard rarely issues debt, has nearly universal name recognition, and is located in a state with “strong wealth demographics,” said Steve Milano, who is also a managing director at Barclays, noting that these factors contributed to the success of the sale...
...moment Harvard’s credit rating is not in question in investors’ minds, as evidenced by this sale,” said one source close to the deal who asked not to be named discussing Harvard’s credit rating in order to preserve his relationship with the University...
...supporters of the University’s sale said at the time that, given the unfavorable financial climate, those bond prices were unavoidable and a product of the credit crunch—and not the result of the University’s actions or financial situation...
...portion of this week’s sale will fund the Law School’s Northwest Corner Building, a complex that will house a student center, the school’s growing clinics, and classrooms...