New Jersey Higher Education starts Dutch tender for 17 bond series

By Tali Rackner

Norfolk, Va., Feb. 20 - The State of New Jersey Higher Education Student Assistance Authority announced the start of a modified Dutch auction cash tender offer for 17 series of its student loan revenue bonds totaling $127,025,000.

The offer on the following notes will expire at 5 p.m. ET on March 11:

• $1 million of 2002 series A bonds due June 1, 2037;

• $50,000 of 2002 series C bonds due June 1, 2037;

• $2.45 million of 2002 series D bonds due June 1, 2037;

• $3.65 million of 2003 series A bonds due May 28, 2038;

• $3.7 million of 2003 series C bonds due May 28, 2038;

• $40.25 million of 2003 series D bonds due May 28, 2038;

• $50,000 of 2004 series A bonds due April 1, 2039;

• $34 million of 2004 series D bonds due April 1, 2039;

• $4.5 million of 2005 series A bonds due April 1, 2040;

• $17.65 million of 2005 series B bonds due April 1, 2040;

• $11.3 million of 2005 series C bonds due April 1, 2040;

• $1.6 million of 2005 series D bonds due April 1, 2040;

• $50,000 of 2006 series A bonds due Dec. 1, 2040;

• $2.35 million of 2006 series B bonds due Dec. 1, 2040;

• $2.8 million of 2006 series D bonds due Dec. 1, 2040;

• $1.55 million of 2007 series B bonds due Dec. 1, 2041; and

• $75,000 of 2007 series D bonds due Dec. 1, 2041.

Each offer price must be expressed in dollars per $1,000 of the par amount of bonds of each sub-series offered for the relevant sub-series of bonds as provided in the table above. Offer Prices must be given in multiples of $2.50 per $1,000 principal amount of bonds of each maturity offered.

Holders must tender principal amounts equal to multiples of $50,000 for the series 2002, 2003, 2004 and 2005 bonds and multiples of $25,000 for the series 2006 and 2007 bonds.

The authority said it will also pay accrued interest.

The modified Dutch auction results are expected to be announced on March 13. Payment for all accepted bonds is expected to occur on March 28.

BofA Merrill Lynch (212 449-7358) is the dealer manager, and Wells Fargo Bank, NA (800 344-5128) is the information and tender agent for the offer.

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