Utah Board of Regents begins consent solicitation for outstanding notes

Chicago, Dec. 2 – The Board of Regents of the State of Utah began a consent solicitation process for its outstanding notes, according to a press release and information from a market source on Thursday.

The notes were originally issued by the State Board of Regents of the State of Utah.

Included in the solicitation are the:

• $112,316,618 outstanding Series 2012-1 taxable student loan backed notes due Dec. 26, 2031 (Cusip: 91754RVZ7);

• $83,022,049 outstanding Series 2014-1 student loan backed notes due Dec. 26, 2038 (Cusip: 91754RYG6);

• $107,929,490 outstanding Series 2015-1A and $10.85 million outstanding Series 2015-1B student loan backed notes due (Cusips: 91754RYH4, 91754RYJ0);

• $180,786,230 outstanding Series 2016-1A and $10.45 million outstanding Series 2016-1B student loan backed notes (Cusips: 91754RZD2, 91754RZE0);

• $176,592,873 outstanding Series 2017-1A and $17.8 million outstanding Series 2017-1B student loan backed notes (Cusips: 91754RZF7, 91754RZG5); and

• $116,158,979 outstanding Series 2020-1A-1A and $80,713,897 outstanding Series 20201A-1B student loan backed notes (Cusips: 91754RR58, 91754RR66).

The issuer would like to amend the notes to redeem them on or before April 29, 2022.

The issuer seeks to dispose of its Federal Family Education Loan Program loan portfolio securing the notes.

Currently, the notes do not allow for early redemption until only 10% of the assets securing the portfolio are remaining.

However, with the consent of a majority of the registered owners of the notes, the issuer can redeem the notes early.

The supplemental indenture would allow for the early redemption of the notes at 100.5.

Noteholders who deliver consents in favor of the supplemental indenture will be eligible to receive a fee equal to 0.05% of the outstanding principal of the notes redeemed during the redemption window, i.e. before April 29, 2022.

The solicitation period ends at 5 p.m. ET on Dec. 15.

D.F. King & Co., Inc. is the information agent and tabulation agent (212 269-5550, 800 488-8075, utah@dfking.com).

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

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