Harvard Updates Bond Documents To Warn of Material Adverse Effect

Lawsuits, “charges“ may ensue

Late in the day on April 15, Harvard updated offering documents for its April 9 attempted $750 million taxable bond offering to warn of the federal government’s “freeze on $2.2 billion in multi-year grants and $60 [million] in multi-year contract value to Harvard University.”

The “additional considerations” section now states: “Further developments in these and other matters are likely, which may include but are not limited to legal actions such as audits, investigations, lawsuits, charges, or other proceedings. The impact of any such developments or matters is not known, but there may be a material adverse effect on the University’s business, reputation, financial profile, and operations.”

The reference to “charges” typically refers to criminal proceedings.