Junk-Rated College Focused on STEM Misses Monthly Debt Payment

The Harrisburg University of Science and Technology, a STEM-focused college in Pennsylvania, defaulted on a monthly loan payment it must make on its municipal-bond debt, according to a regulatory filing.

The Harrisburg, Pennsylvania-based school didn’t make the monthly payment in the amount of about $1.2 million due May 1 to the trustee, UMB Bank, which is used to cover bond payments, the filing dated May 3 says.

The school has about $150 million of municipal-bond debt outstanding, according to data compiled by Bloomberg. It sold junk-rated debt in 2020 to build out a health sciences and advanced manufacturing ...