Iowa Student Loan seeks consents to early redemption of asset-backs

By Wendy Van Sickle

Columbus, Ohio, May 19 – The Iowa Student Loan Liquidity Corp. began three separate consent solicitations related to its asset-backed notes seeking the early redemption of tranches from three series of notes, according to a news release.

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

Finally, consents are being sought from holders of 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).

ISL is seeking consents from holders of a majority of the outstanding notes for each series to amend the indentures governing the notes.

The amendments would permit the early redemption of each series of notes.

The solicitation period ends at 5 p.m. ET on May 26.

The record date is May 18.

D.F. King & Co., Inc. (212 269-5550, 800 331-7024 or iowa@dfking.com) is the tabulation agent.

RBC Capital Markets (877-381-2099, 212-618-7843 or liability.management@rbccm.com) is the solicitation agent.

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

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