Utah Board of Regents receives sufficient consents to redeem notes

Chicago, Dec. 17 – The Board of Regents of the State of Utah announced that it received the consents it needed to redeem six series of notes early, according to a press release.

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

Consents were received for the following amounts of notes, with noteholders voting the original principal amount of notes absent accounting for amortization:

• $354.97 million total principal amount consenting of the $518.7 million originally issued, of which there is $112,316,618 current face amount outstanding of series 2012-1 taxable student loan backed notes due Dec. 26, 2031 (Cusip: 91754RVZ7);

• $208,669,000 total principal amount consenting of the $277 million originally issued, of which there is $83,022,049 current face amount outstanding of series 2014-1 student loan backed notes due Dec. 26, 2038 (Cusip: 91754RYG6);

• $253,775,000 total principal amount consenting of the $415.5 million originally issued, of which there is $107,929,490 current face amount outstanding of series 2015-1A and $10.85 million outstanding series 2015-1B student loan backed notes due (Cusips: 91754RYH4, 91754RYJ0);

• $338,545,000 total principal amount consenting of the $452.25 million originally issued, of which there is $180,786,230 current face amount outstanding of series 2016-1A and $10.45 million outstanding series 2016-1B student loan backed notes (Cusips: 91754RZD2, 91754RZE0);

• $382.25 million total principal amount consenting of the $420 million originally issued, of which there is $176,592,873 current face amount outstanding of series 2017-1A and $17.8 million outstanding series 2017-1B student loan backed notes (Cusips: 91754RZF7, 91754RZG5); and

• All of the $224.45 million originally issued, of which there is of the $116,158,979 current face amount outstanding of series 2020-1A-1A and $80,713,897 outstanding series 20201A-1B student loan backed notes (Cusips: 91754RR58, 91754RR66).

The issuer received consents by the expiration of the solicitation period on Dec. 15 for the 2016 and 2017 notes and on Dec. 16 for the remainder of the notes.

As reason for the consent solicitation, the issuer was seeking to dispose of its Federal Family Education Loan Program loan portfolio securing the notes.

The notes did not allow for early redemption unless 10% of the assets securing the portfolio were remaining.

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

The issuer plans to redeem the notes on or before April 29 at 100.5.

Noteholders who delivered 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.

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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