BRADENTON, Fla. — In its first municipal bond deal in two years, the Kentucky Higher Education Student Loan Corp. today will price $225 million of revenue bonds to take out a portion of its auction-rate securities.

After this transaction, the agency still will have exposure to $715 million of outstanding ARS. It has not yet determined how to refinance the remaining securities because financing costs have gone up since the collapse of the ARS market.

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