By Sheri Kasprzak
New York, Oct. 19 - The NorthStar Student Loan Trust I of Minnesota priced $686.6 million of series 2012 student loan asset-backed notes, according to an official statement.
The offering included $674.6 million of class A senior notes and $12 million of subordinate class B notes.
The class A notes are due Dec. 26, 2031 and bear interest at one-month Libor plus 70 basis points.
The class B notes are due Jan. 25, 2032 and were not reoffered.
The notes were sponsored through NorthStar Education Finance Inc., and NorthStar Capital Markets Services Inc. is the administrator and the master servicer.
RBC Capital Markets LLC was the senior manager.
Proceeds will be used to fund the acquisition of student loans.
| Issuer: | NorthStar Student Loan Trust I
|
| Issue: | Series 2012 student loan asset-backed notes
|
| Amount: | $686.6 million
|
| Type: | Negotiated
|
| Underwriter: | RBC Capital Markets LLC
|
| Pricing date: | Oct. 16
|
| Settlement date: | Oct. 25
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $674.6 million | Dec. 26, 2031 | Term | One-month Libor plus 70 bps | 100
|
| $12 million | Jan. 25, 2032 | Term | NRO | NRO
|
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