By Sheri Kasprzak
New York, July 23 – The Mississippi Higher Education Assistance Corp. sold $397 million of series 2014 taxable Libor-indexed student loan asset-backed notes, according to a pricing sheet.
The deal included $387 million of series 2014A-1 notes (/AA+(sf)/AAAsf) and $10 million of series 2014B-1 unrated notes.
The 2014A-1 notes are due Oct. 25, 2035 and bear interest at one-month Libor plus 68 basis points and the 2014B-1 notes are due May 25, 2044 and bear interest at one-month Libor plus 100 bps.
Proceeds will be used to refinance eligible loans held by or for the benefit of the corporation.
| Issuer: | Mississippi Higher Education Assistance Corp.
|
| Issue: | Series 2014 taxable Libor-indexed student loan asset-backed notes
|
| Amount: | $397 million
|
| Type: | Negotiated
|
| Bookrunner: | BofA Merrill Lynch
|
| Pricing date: | July 21
|
| Settlement date: | July 29
|
|
|
| $387 million series 2014A-1 notes (/AA+(sf)/AAAsf)
|
| Maturity | Type | Coupon | Price
|
| Oct. 25, 2035 | Term | One-month Libor plus 68 bps | 100
|
|
|
| $10 million series 2014B-1 notes (unrated)
|
| Maturity | Type | Coupon | Price
|
| May 25, 2044 | Term | One-month Libor plus 100 bps | 100
|
|
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