Clifton Higher Education Finance, Texas, intends to sell $103.8 million Baylor University bonds

By Sheri Kasprzak

New York, March 17 - The Clifton Higher Education Finance Corp. of Texas is set to sell $103.795 million of series 2011 revenue bonds for Baylor University, according to a preliminary official statement.

The bonds had originally been offered through the Waco Education Finance Corp., but the deal was scrapped due to poor market conditions in 2010.

The new bonds (/AA-/AA-) will be sold through Barclays Capital Inc. and Merrill Lynch.

The bonds are due 2012 to 2025 with a term bond due 2032.

The proceeds will be used to finance the construction of a new athletic-academic complex on the Baylor campus, as well as to acquire real property for the university and refund its series 2008B bonds and refinance it series A commercial paper.

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