Stanford to Sell $150 Million of Tax-Exempt Commercial Paper.

Stanford University will become California's first private institution of higher education to sell tax-exempt commercial paper revenue notes after a 150 million dollar negotiated deal on March 25, 2003. Once the conduit issuer, the California Educational Facilities Authority of Higher Education of California, completes the transaction, the university's total outstanding debt will amount to 1.4 billion dollar. Stanford's director of finance and bondholder relations, said the university had wanted to launch a tax-exempt commercial paper program for two years.