Panhandle-Plains Higher Education Authority, Texas, to sell $483.2 million student loan bonds

By Sheri Kasprzak

New York, May 12 - The Panhandle-Plains Higher Education Authority, Inc. of Texas is set to price $483.2 million of series 2011A taxable Libor floating-rate bonds, according to a preliminary official statement.

The offering includes $167.2 million of series 2011A-1 bonds, $170 million of series 2011A-2 bonds and $146 million of series 2011A-3 bonds.

The bonds (/AAA/AAA) will be sold on a negotiated basis with Bank of America Merrill Lynch and UBS Investment Bank as the lead managers. The co-manager is Deutsche Bank Securities Inc.

The 2011A-1 bonds are due Oct. 1, 2018, and the 2011A-2 bonds are due July 1, 2024. The 2011A-3 bonds are due Oct. 1, 2037.

Proceeds will be used to refund all advances under a Bank of America line of credit, as well as to refund other existing indentures.

The authority, based in Canyon, Texas, provides loans for college students in the Panhandle and South Plains regions of Texas.

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