Illinois Student Assistance Commission extends tender offer to Oct. 11

By Angela McDaniels

Tacoma, Wash., Oct. 7 - Illinois Student Assistance Commission extended the tender offer for 15 series of its auction-rate taxable student loan revenue bonds to 5 p.m. ET on Oct. 11 from Oct. 7, according to a news release from the commission.

The following notes are eligible for the offer: senior series 2002 I-3, senior series 2003 IV-1, senior series 2003 IV-3, senior series 2004 VI-3, senior series 2005 VIII-1, senior series 2005 VIII-2, senior series 2005 VIII-3, senior series 2005 VIII-4, senior series 2005 VIII-5, senior series 2005 VIII-6, senior series 2005 VIII-7, senior series 2005 VIII-8, subordinated series 2002 II, subordinated series 2005 IX-1 and subordinated series 2005 IX-2.

The purchase price is 92% of par for senior bonds and 84.4868% of par for subordinated bonds.

As of Oct. 7, approximately $745.7 million principal amount of senior bonds and approximately $67.9 million principal amount of subordinated bonds had been tendered.

The offer began Sept. 24.

Morgan Stanley & Co. Inc. (212 761-0925) is the dealer manger. The depositary is D.F. King & Co., Inc. (bankers and brokers call 212 269-5550; others call 800 859-8509).

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