Vermont Student Assistance gets tenders for $1.03 billion bonds

By Melissa Kory

Cleveland, Dec. 14 - The Vermont Student Assistance Corp. said investors tendered $1,034,275,000 of its auction-rate bonds in the offer launched Nov. 17 and expired 5 p.m. ET on Dec. 9.

The company has accepted the bonds that were tendered at $860 for each $1,000 of par amount or less for purchase, totaling $34,025,000 of the bonds.

The company did not accept any bonds tendered at prices in excess of 86%.

The settlement date is Dec. 14.

The bonds accepted for purchase include:

• $250,000 of $36.6 million of series 1998L bonds;

• $50,000 of $5.4 million of series 2001X bonds;

• $1.8 million of $4.9 million of series 2001Y bonds;

• $50,000 of $24.9 million of series 2001Z bonds;

• $750,000 of $21.1 million of series 2001AA bonds;

• $7 million of $33.75 million of series 2002DD bonds;

• $4.1 million of $25.8 million of series 2003KK bonds;

• $150,000 of $37.85 million of series 2004OO bonds;

• $50,000 of $41.25 million of series 2004PP bonds;

• $3.125 million of $8.65 million of series 2005RR bonds;

• $125,000 of $33.45 million of series 2005SS bonds;

• $6.475 million of $65.3 million of series 2007WW;

• $6.9 million of $69.35 million of series 2007XX; and

• $3.2 million of $85.275 million of series 2007YY bonds.

Samuel A. Ramirez & Co. Inc. is the deal manager.

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