Eton issues 1st private debt placement
Print Edition
ETON College, the exclusive British boarding school where boys have to wear tailcoats to lessons, has issued its first private debt placement, borrowing 45 million pounds (US$70 million) to help needy pupils with fees and build new facilities.
The alma mater of Prime Minister David Cameron and 18 of his predecessors holds a special place in British national identity. The pinnacle of educational excellence and aspiration to some, it symbolizes entrenched class privilege to others.
Set in a leafy campus by the River Thames near Windsor, west of London, the 575-year-old school also counts Princes William and Harry, London Mayor Boris Johnson and Archbishop of Canterbury Justin Welby among its alumni.
Eton, which has no other debt, issued the private placement to British institutional investor Friends Life, Bursar Janet Walker said. The interest rate was fixed at 3.63 percent for 45 years.
Because of the perception of Eton as a bastion of the elite, the school has sought in recent years to become more accessible to boys of less privileged backgrounds and Walker said one reason for the placement was to raise money for further bursaries and scholarships.
She said the use of private placements was increasing among British educational institutions and Eton was following the lead of another private school, Christ’s Hospital.
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