By Sheri Kasprzak
New York, Aug. 25 - The New Mexico Educational Assistance Foundation sold $176.7 million in series 2010-1A education loan bonds on Wednesday, said a sellside source familiar with the deal.
The offering included $96.4 million in series 2010-1A-1 tax-exempt non-AMT fixed-rate bonds and $80.3 million in series 2010-1A-2 tax-exempt non-AMT notes.
The bonds (Aaa/AAA/) were sold through Bank of America Merrill Lynch and RBC Capital Markets Corp.
The 2010-1A-1 bonds are due 2011 to 2022 with a term bond due 2024. Coupons range from 3% to 5% and yields range from 0.45% to 2.91%. The 2010-1A-2 bonds are due 2013 to 2021 with 3% to 5% coupons and 0.74% to 2.64% yields.
Proceeds will be used to refund existing debt issued to finance student loans.
| Issuer: | New Mexico Educational Assistance Foundation
|
| Issue: | Series 2010-1A education loan bonds
|
| Amount: | $176.7 million
|
| Type: | Negotiated
|
| Underwriters: | Bank of America Merrill Lynch and RBC Capital Markets Corp. (lead)
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
| Pricing date: | Aug. 25
|
|
|
| Series 2010-1A-1
|
| Maturities: | 2011 to 2022; 2024
|
| Coupons: | 3% to 5%
|
| Yields: | 0.45% to 2.91%
|
|
|
| Series 2010-1A-2
|
| Maturities: | 2013 to 2021
|
| Coupons: | 3% to 5%
|
| Yields: | 0.74% to 2.64%
|
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