Emory University plans to issue more than $1 billion in federally tax-exempt bonds to help fund educational and healthcare projects, according to a report from Bloomberg.
The Atlanta-based institution, which operates Emory Healthcare, a clinically integrated healthcare network, outlined details of the issuance plan in a May 27 voluntary public notice filed with the Securities and Exchange Commission. Bloomberg also noted that Emory’s filing comes as a number of universities have lined up alternative funding in the wake of a wave of university grant revocations from the Trump administration.
According to the filing, Emory would also use the tax-exempt municipal debt to refinance bonds first issued in 2005 and 2011.
The bond sale, expected to price in mid-June and issue on or about June 26, would be conducted through Georgia’s Private Colleges and Universities Authority.
RBC Capital Markets is expected to serve as senior managing underwriter, with Barclays Capital as co-senior manager and Truist Securities as co-manager, according to the filing.
Emory’s move comes as Houston Healthcare, a community health system based in Warner Robins, Ga., joined Emory Healthcare June 1. Emory Healthcare expects a 6% operating margin this year after a two-year turnaround.
Emory did not specifically comment about the bond sale, referring Becker’s to its voluntary notice with the SEC.
