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Harvard plans bond sale to finance its expansion

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Bloomberg News / June 3, 2008

Harvard University plans to sell $125 million of 10-year notes, according to a person familiar with the offering.

The sale may occur as soon as tomorrow, said the person, who declined to be identified because terms aren't set.

The school has detailed a 50-year plan to build 10 million square feet of buildings in Allston, where the Harvard Business School and football stadium are already situated.

Harvard will offer $336 million of bonds to help pay off commercial paper for the acquisition of the Doubletree Guest Suites Boston as part of the expansion, and for building and equipping classrooms. Standard & Poor's and Moody's Investors Service, both in New York, reaffirmed their top respective AAA and Aaa rankings for the school last week.

Harvard's $34.9 billion endowment as of last June 30 was the largest of any college in the United States, returning 23 percent last year.

The school will get $100 million, its biggest alumni gift, from 1936 graduate and retired banker David M. Rockefeller Sr., Harvard said in April.

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