Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers T > Headlines for Tenders > News item |
Nelnet gets tenders for $1.35 million auction-rate asset-backed notes
By Angela McDaniels
Tacoma, Wash., Jan. 8 - Nelnet, Inc. received tenders for $1.35 million principal amount of series 2004-2 auction-rate student loan asset-backed notes issued by Nelnet Education Loan Funding, Inc. and accepted all of the tendered notes for purchase, according to a company news release.
A tender offer for the notes began Dec. 2 and ended at 5 p.m. ET on Jan. 8.
The company accepted
• $450,000 of class A-5b senior auction-rate notes;
• $700,000 of class A-5c senior auction-rate notes; and
• $200,000 of class B-1 subordinated auction-rate notes.
On Dec. 16, the company extended the offer to Jan. 8 and increased the consideration to $980 per $1,000 principal amount of class A-5b or class A-5c notes and to $900 per $1,000 principal amount of class B-1 notes.
Nelnet will also pay accrued interest up to but excluding the settlement date, which will be Jan. 10.
The company expects to use available cash to fund the tender offer.
As of 5 p.m. ET on Dec. 16, the company had received tenders for no class A-5b notes, $700,000 class A-5c notes and $200,000 class B-1 notes.
Goldman Sachs & Co. (212 357-6436 or 800 828-3182) was the dealer manager. The depositary and information agent was Global Bondholder Services Corp. (212 430-3774 or 866 470-4500).
Nelnet provides education planning and financing and is based in Lincoln, Neb.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.