North Carolina Education to price $1.34 billion bonds in 10 tranches

By Cristal Cody

Tupelo, Miss., Sept. 12 - The North Carolina State Education Assistance Authority plans to price $1.337 billion tax-exempt student loan revenue and refunding bonds in 10 tranches on Wednesday, a source told Prospect News on Friday.

The series 2008-2 bonds will price initially with a weekly interest rate.

The sale includes $309.9 million tranche A1 bonds due 2036, $220.7 million tranche A2 bonds due 2035, $275.945 million tranche A3 bonds due 2034, $200 million tranche A4 bonds due 2035, $30 million tranche A5 bonds due 2027, $60 million tranche A6 bonds due 2031, $51.805 million tranche A7 bonds due 2034, $50.9 million tranche A8 bonds due 2035, $32.695 million tranche A9 bonds due 2038 and $105 million tranche A10 bonds due 2034.

RBC Capital Markets is the senior manager of the negotiated sale. Co-managers are Banc of America Securities LLC, BB&T Capital Markets and Wachovia Bank, NA.

Proceeds will be used to finance student loans, refund outstanding bonds and make deposits to the debt service fund, department reserve fund, operating fund and the capitalized interest fund.

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