Iowa Student Loan Liquidity mulls early redemption for asset-backs

Chicago, May 4 – The Iowa Student Loan Liquidity Corp. is working with one or more holders of its asset-backed notes regarding consent for the potential early redemption of tranches from three series of notes, according to a news release.

The early redemptions involve two tranches from the series 2005-1 notes: the $75,305,760 class A-3 notes (Cusip: 462592AC0) and the $12,475,354 class B notes (Cusip: 462592AD8).

The discussions also cover $97,516,328 (Cusip: 462590HW3) from the series 2011-1 floating-rate notes.

There are also two tranches from the series 2012-1 floating-rate notes: the $143,268,732 class A notes (Cusip: 462590JS0) and the $10 million class B notes (Cusip: 462590JT8).

After the negotiations, ISL may start a formal consent solicitation from a majority of the outstanding noteholders for each series of notes to amend the indentures governing the notes.

The amendments would permit, and delineate the process for, the early redemption of each series of notes.

Based in West Des Moines, Iowa, the corporation provides student loans for qualified students in Iowa.

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