By Sheri Kasprzak
New York, Dec. 18 - The Access to Loans for Learning Student Loan Corp. of California sold $446.8 million of series 2013-I student loan-backed Libor floating-rate notes, according to an official statement.
The deal included $435.8 million series 2013-IA senior taxable notes (/AA+(sf)/AAAsf) and $11 million of series 2013-IB subordinate notes (/Asf/).
The 2013-IA notes are due Feb. 25, 2041 and bear interest at one-month Libor plus 80 basis points priced at 98.663.
The 2013-IB notes are due Jan. 26, 2043 and bear interest at one-month Libor plus 300 bps priced at 103.641.
The notes were sold through Morgan Stanley & Co. LLC.
Proceeds will be used to finance student loans for qualified California students.
| Issuer: | Access to Loan for Learning Student Loan Corp.
|
| Issue: | Series 2013-I student loan-backed Libor floating-rate notes
|
| Amount: | $446.8 million
|
| Type: | Negotiated
|
| Underwriter: | Morgan Stanley & Co. LLC (lead)
|
| Pricing date: | Dec. 13
|
| Settlement date: | Dec. 18
|
|
|
| $435.8 million series 2013-IA senior taxable notes (/AA+(sf)/AAAsf)
|
| Maturity | Type | Coupon | Price
|
| Feb. 25, 2041 | Term | One-month Libor plus 80 bps | 98.663
|
|
|
| $11 million series 2013-IB subordinate notes (/Asf/)
|
| Maturity | Type | Coupon | Price
|
| Jan. 26, 2043 | Term | One-month Libor plus 300 bps | 103.641
|
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