By Paulo Trevisani
Yale University is set to receive $500 million from a municipal bond sale to finance and refinance campus improvements.
The proceeds will fund the acquisition, construction, renovation, and equipping of higher educational facilities, according to a preliminary statement published on MuniOS May 2.
The Revenue Bonds, Yale University Issue, are being issued by the State of Connecticut Health and Educational Facilities Authority. Pricing is set for as early as May 8, according to the document.
The tax-exempt bonds are split into two series: $250 million Series 2025 B-1 and $250 million Series 2025 B-2. Interest rates and specific maturity dates were not yet determined.
The bonds are special obligations of the Connecticut Health and Educational Facilities Authority, payable from revenues derived by the Authority under a loan agreement with Yale University.
The Ivy-League university has been spared from President Trump's actions against higher-education institutions the administration accuses of failing to curb antisemitism. Yale has an endowment of $41.1 billion as of June 30, according to the document on MuniOS. It had operating revenue of $5.8 billion in the fiscal year ended last June.
The bonds are rated Aaa by Moody's and AAA by S&P.
Barclays, Goldman Sachs and J.P. Morgan are underwriters.
Write to Paulo Trevisani at paulo.trevisani@wsj.com
(END) Dow Jones Newswires
May 05, 2025 14:54 ET (18:54 GMT)
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