Harvard-Westlake School, a prestigious private institution known for educating many Hollywood celebrities, is entering the public debt markets for the first time. The school intends to raise almost $400 million through municipal bonds to fund a new athletic campus in Studio City, Los Angeles. The project, which has been in development for several years, will convert the old location of a community tennis and golf facility into a large park featuring modern facilities for Harvard-Westlake’s 2400 athletic teams, as stated in the bond documents. The project, primarily financed by donations, will include an Olympic-sized swimming pool, eight tennis courts, a clubhouse, and a putting green. “We have very limited space on this campus,” said Beth Slattery, head of Harvard-Westlake’s Upper School, in an interview with the school’s student newspaper earlier this year. “This really gives us the freedom to do things, and I’m looking forward to it.” The bond sale is among several conducted by prestigious private schools this year. Last month, the renowned all-girls’ Castilleja School Foundation in the Bay Area also made its first borrowing in the municipal market. So far in 2024, around twelve institutions have issued approximately $22,026 million in debt, based on data gathered by Bloomberg. Private schools, similar to colleges and hospitals, can access tax-exempt financing due to their nonprofit status. The Harvard-Westlake bonds are being issued through the California Infrastructure and Economic Development Bank, with pricing anticipated in October.
