New Mexico Educational Assistance set to sell $299.34 million bonds

By Sheri Kasprzak

New York, Aug. 28 - The New Mexico Educational Assistance Foundation is planning to bring to market $299.335 million in new money education loan bonds, according to a preliminary official statement.

The sale includes $42.5 million in series 2009A weekly rate senior bonds, $197.76 million in series 2009B fixed-rate senior bonds and $59.075 million in series 2009C fixed-rate senior bonds.

The bonds (Aaa/VMIG1//AAA/F1+) will be sold on a negotiated basis with RBC Capital Markets Inc. and Merrill Lynch & Co. Inc. as the lead managers.

The 2009A bonds are due Nov. 1, 2028. The 2009B bonds are due 2010 to 2020 and the 2009C bonds are due 2010 and 2014 to 2015.

Proceeds will be used to refund the foundation's outstanding series 1995, 1996, 1998, 2001, 2003, 2005, 2006 and 2008 bonds.

The New Mexico Educational Assistance Foundation is based in Albuquerque.

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