By Sheri Kasprzak
New York, May 2 - The Montana Higher Education Student Assistance Corp. sold $1,145,300,000 of series 2012A student loan revenue bonds, according to an official statement.
The bonds (/AA+(sf)/AAA(sf)) were sold on a negotiated basis with Citigroup Global Markets Inc.
The deal includes $191 million of senior series 2012A-1 bonds, $649 million of senior series 2012A-2 bonds and $305.3 million of senior series 2012A-3 bonds.
The 2012A-1 bonds are due Sept. 20, 2022, and bear interest at one-month Libor plus 60 basis points priced at par. The 2012A-2 bonds are due May 20, 2030, and bear interest at one-month Libor plus 100 bps priced at 98.66. The 2012A-3 bonds are due July 20, 2042, and bear interest at one-month Libor plus 105 bps priced at 92.49.
Proceeds will be used to finance student loans.
| Issuer: | Montana Higher Education Student Assistance Corp.
|
| Issue: | Series 2012A student loan revenue bonds
|
| Amount: | $1,145,300,000
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. (lead)
|
| Ratings: | Standard & Poor's: AA+(sf)
|
| Fitch: AAA(sf)
|
| Pricing date: | April 27
|
| Settlement date: | May 4
|
|
|
| $191 million senior series 2012A-1 bonds
|
| Maturity | Type | Coupon | Price
|
| Sept. 20, 2022 | Term | One-month Libor plus 60 bps | 100
|
|
|
| $649 million senior series 2012A-2 bonds
|
| Maturity | Type | Coupon | Price
|
| May 20, 2030 | Term | One-month Libor plus 100 bps | 98.66
|
|
|
| $305.3 million senior series 2012A-3 bonds
|
| Maturity | Type | Coupon | Price
|
| July 20, 2042 | Term | One-month Libor plus 105 bps | 92.49
|
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