DALLAS -Baylor University in Texas will issue $274 million of refunding bonds over the next two weeks to restructure debt tied up in auction-rate and variable-rate bonds insured by XL Capital Assurance.

In a negotiated deal led by Lehman Brothers next week, the private Baptist university will issue $115 million of fixed-rate revenue refunding bonds, Series 2008C, through the Waco Education Finance Corp.

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