Illinois Student Assistance Commission wraps tender offer for 15 loan revenue bond series

By Susanna Moon

Chicago, Oct. 21 - Illinois Student Assistance Commission said it completed the tender offer for 15 series of its auction-rate taxable student loan revenue bonds at 5 p.m. ET on Oct. 11.

As of the expiration time, the company received $782.05 million principal amount of senior series taxable student loan revenue bonds and $67.9 million principal amount of subordinate series taxable student loan revenue bonds.

The breakdown is as follows:

• $67.85 million senior series 2002 I-3;

• $85.85 million senior series 2003 IV-1;

• $21.4 million senior series 2003 IV-3;

• $66 million senior series 2004 VI-3;

• $59.5 million senior series 2005 VIII-1;

• $67.15 million senior series 2005 VIII-2;

• $78.3 million senior series 2005 VIII-3;

• $50 million senior series 2005 VIII-4;

• $57 million senior series 2005 VIII-5;

• $69.05 million senior series 2005 VIII-6;

• $80 million senior series 2005 VIII-7;

• $79.95 million senior series 2005 VIII-8;

• $29.9 million subordinated series 2002 II;

• $18 million subordinated series 2005 IX-1; and

• $20 million subordinated series 2005 IX-2.

The payment date is expected to be Oct. 27.

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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