Lebanese American University Becomes the First American Higher Education Institution Operating in the Middle East to Issue Uninsured Bonds

NEW YORK, March 13 /PRNewswire-USNewswire/ -- In February, the Lebanese American University became the first American institution of higher education operating in the Middle East to finalize a pioneering transaction of bond issuance.

The university finalized the underwriting of a $75 million bond issued to Byblos Bank--Lebanon with approval from Moody's and Standard & Poors.

"This success," said LAU President Joseph J. Jabbra, "has secured for LAU the required funds to implement its ambitious capital plan and will provide the youth of Lebanon and the region an opportunity to earn a world-class education."

A five-year strategic plan was approved by the Board of Trustees to help finance LAU's plans of establishing a medical school in collaboration with Harvard Medical International, a nursing school, and of achieving full accreditation by the New England Association of Schools and Colleges.

These plans, including the costs of modernizing the Beirut campus, will cost approximately $120 million. Based on Morgan Stanley's advice, the university issued uninsured bonds, supported by its numerous strengths--financial and academic.

"I'm very pleased," said Jabbra, "that LAU became the first academic institution for higher education in the Middle East to enter the international financial market on solid grounds."

A native of Lebanon, Dr. Jabbra is the author of ten books and is a respected university administrator. For more than 25 years, he has been a leading advocate of using higher education as a conduit for tolerance and peace in the Middle East. For more biographical information visit: http://www.lau.edu.lb/administration/executive-officers.php.

LAU's history dates back to 1835 when it was founded as the American School for Girls by Presbyterian missionaries. Today, LAU has a coed student body of more than 7,000 at two campuses in Lebanon and includes respected programs in Arts & Sciences, Business, Engineering & Architecture and the region's largest graduate Pharmacy school. For more information about LAU, visit: http://www.lau.edu.lb/about/.

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Source: Lebanese American University

CONTACT: CONTACT: Bob Johnson, Marketing & Communications Manager of the
Lebanese American University, +1-212-870-2585, Bob.Johnson@lau.edu

Web Site: http://www.lau.edu.lb/

2008-03-13 17:19:42 0312396 PRNEWSWIRE