Stanford University, Calif., plans benchmark taxable bond offering

By Aaron Hochman-Zimmerman

New York, April 22 - Stanford University in California plans to offer series 2009A benchmark taxable bonds (//AAA), according to chief financial officer Randy Livingston.

The bonds will be offered via a negotiated sale.

The university's endowment totaled $17.2 billion as of Aug. 31, 2008; however, the school hopes to reduce distribution of its endowment by 25% over the coming two fiscal years.

Stanford would not release details regarding the amount of the deal, but Fitch Ratings issued a press release assigning an AAA rating to up to $1.2 billion series 2009A taxable revenue bonds.

The bonds would refinance up to $200 million in outstanding commercial paper, Fitch said.

Stanford University is located in Stanford, Calif.

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