BOSTON--(BUSINESS WIRE)--Harvard University is expected to put approximately $2.53 billion in bonds up for sale 10/5/16 and 10/6/16, according to UNITE HERE Local 26. Harvard’s dining hall workers went on strike this morning, said the Local, but the bonds’ respective Preliminary Official Statement and Preliminary Offering Memorandum’s “Labor Relations” sections advertise that “the University considers its relations with its employees to be good.”
According to the Local, which represents the dining hall workers, Harvard plans to issue Series 2016A and 2016B bonds. 2016A is a $1,551,565,000 tax exempt, revenue bond issued through the Massachusetts Development Finance Agency with an expected maturity date of 2041. Moody’s reports an expected sale date of 10/5/16. 2016B is $983,175,000 taxable bond with a bullet maturity year of 2047 and is expected to be sold on 10/6/16. Both bonds’ lead managers are Goldman Sachs, J.P. Morgan and Morgan Stanley.
The “Labor Relations” section of each bond’s respective Preliminary Official Statement and Preliminary Offering Memorandum states: “the University considers its relations with its employees to be good…Bargaining units consist of clerical and technical workers; dining service workers; custodians; arborists and gardeners; maintenance tradespersons; police officers; and museum, parking and security guards.” Both documents are dated 9/28/16.
After months of failed negotiations between the University and their union, UNITE HERE Local 26, on September 15, dining hall workers voted overwhelming support for a strike. Workers announced on September 30 that they will begin their strike today, October 5.
Said dining hall worker Aaron Duckett, “If Harvard’s relations with the employees were 'good' I don’t think we’d be on strike.”