Nelnet amends cash tender offer for three auction-rate note series

By Jennifer Chiou

New York, Dec. 17 - Nelnet, Inc. announced the extension of its cash tender offer for any and all of the following series 2004‑2 auction-rate student loan asset-backed notes issued by Nelnet Education Loan Funding, Inc.:

• Class A-5b senior auction-rate notes;

• Class A-5c senior auction-rate notes; and

• Class B-1 subordinated auction-rate notes.

The offer will now end at 5 p.m. ET on Jan. 8.

The company also said it is raising the consideration to be paid for the class A-5b notes and class A-5c notes to $980 and the class B-1 notes to $900 million per $1,000 principal amount.

Nelnet will also pay accrued interest to the settlement date, which is expected to occur on Jan. 10.

As of 5 p.m. ET on Dec. 16, the company had received tenders for no class A-5b notes, $700,000 of the class A-5c notes and $200,000 of the class B-1 notes.

The depositary and information agent is Global Bondholders Services (212 430-3774 or 866 470-4500).

Goldman Sachs & Co. is the dealer manager (212 357-6436 or 800 828-3182).

Nelnet provides education planning and financing and is based in Lincoln, Neb.

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