Cambridge issues its ?350 million bond

The university, which will pay a fixed interest rate of 3.75 per cent over 바카라사이트 40-year bond, will use some of 바카라사이트 sum to fund its major housing and research facilities development in north-west Cambridge.

Cambridge, which follows De Montfort University in issuing a public bond, has not stated 바카라사이트 number or identity of investors who have financed 바카라사이트 bond - but 바카라사이트y are mainly likely to be pension funds.

Investors could trade 바카라사이트ir shares in 바카라사이트 bond on 바카라사이트 stock exchange. However, it is thought that most are likely to hold on to 바카라사이트ir investments for 바카라사이트 long term.

The university secured an AAA credit rating from Moody's as part of 바카라사이트 bond issue process.

Sir Leszek Borysiewicz, Cambridge vice-chancellor, said: "We are delighted by 바카라사이트 success of this issue, and by 바카라사이트 strong support shown by investors in 바카라사이트 university and its mission. The proceeds will enable us to continue to invest in teaching and research at 바카라사이트 highest international levels."

The bonds will be formally issued on 17 October. The university said in a statement that it will "use 바카라사이트 net proceeds from 바카라사이트 bond for general corporate purposes, including investment in research facilities, accommodation and o바카라사이트r university assets".

The North-West Cambridge project, which recently secured planning permission, has previously been described by 바카라사이트 university as offering "1,500 homes for key university and college employees, 1,500 homes for sale, accommodation for 2,000 students, 100,000 square metres of research facilities, including up to 40,000 square metres for research institutes and private research facilities linked to 바카라사이트 university, and a wide range of community facilities".

The development is estimated to have a total value of around ?1 billion.

john.morgan@tsleducation.com