Eton’s first debt issue in 575 years

The UK’s famous boys’ school, Eton College, has for the first time in its illustrious 575 year history decided to borrow some money. Despite having a reported £345m of assets, a £297m endowment fund and an extensive £70m property portfolio across the UK, the world-famous school is to issue £45m of debt maturing in 45 years at a fixed rate of 3.63%. The funds are to be used on building programmes and assisting boys from poorer backgrounds with tuition fees. The school has an annual income of £44m but funds scholarships from its investment income.