Pennsylvania Higher Educational seeks consents to amend 1997 student loan revenue bonds

By Jennifer Chiou

New York, Nov. 6 - The Pennsylvania Higher Educational Assistance Agency announced the start of a consent solicitation to amend its 1997 student loan revenue bonds.

The agency said that the amendment would allow flexibility in refinancing bonds and selling student loans.

It is seeking approval for the 38th supplemental trust indenture from holders of all outstanding revenue bonds issued under the trust indenture dated Aug. 1, 1997.

Specifically, the amendment would provide for future opportunities for bondholders to exchange their holdings on a discounted basis for student loans currently pledged as collateral under the indenture or to tender their bonds for payment at a discount from collections of loan repayments.

The agency said that it will come out with details on the solicitation on Nov. 9.

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