Mass. Educational Financing Authority to sell $296 million student loan notes

By Sheri Kasprzak

New York, June 16 - The Massachusetts Educational Financing Authority plans to price $296 million in series 2008 notes backed by student loans, according to a preliminary official statement.

The bonds are due Oct. 25, 2038 and will bear interest at a percentage over Libor.

UBS Investment Bank is the lead manager for the negotiated offering.

Proceeds from the deal will be used for a deposit to an acquisition fund, a deposit to a capitalized interest fund and a deposit to a reserve fund.

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