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Article: Lebanese American University to Sell $75M of Taxables to Fund Expansion.
- Article from:
- The Bond Buyer
- Article date:
- October 26, 2007
- Author:
CopyrightCOPYRIGHT 2007 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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While Lebanon recovers from a still simmering conflict with Israel, an American university operating in the country is looking to expand. The Lebanese American University plans to begin selling $75 million of taxable bonds within the next week to partially finance a new medical school and other capital projects at its two campuses.
The 172-year-old university is a 501(c)(3) nonprofit organization incorporated in New York City and chartered by the New York State Board of Regents, but its facilities are in Beirut and Byblos, Lebanon.
Morgan Stanley is underwriting the LAU term bonds, which mature in 2017. The bonds will not be insured.
The medical ...