KnowledgeFunding Ohio extends tender for student loan revenue bonds

By Angela McDaniels

Tacoma, Wash., May 13 - KnowledgeFunding Ohio, Inc. extended the consent solicitation and tender offer for eight series of its outstanding student loan revenue bonds to 11 a.m. ET on May 20, according to a company news release.

The offer covers the company's senior series 2005A-1 bonds, senior series 2005A-2 bonds, senior series 2005A-3 bonds and subordinated series 2005C-1 bonds, all issued on Dec. 21, 2005, and senior series 2006A-1 bonds, senior series 2006A-2 bonds, senior series 2006 A-3 bonds and subordinated series 2006C-1 bonds, all issued on Dec. 20, 2006.

The corporation also extended the period during which holders of bonds may tender them and be eligible to receive an early tender premium until the expiration date.

As of 5 p.m. ET on May 12, the following principal amounts of bonds had been tendered and the related consents had been deemed delivered: $9 million of senior series 2005A-2, $71.2 million of senior series 2005A-3, $11.6 million of senior series 2006A-1 and $23.4 million of senior series 2006A-3 bonds.

Additionally, the corporation had received stand-alone consents with respect to the following principal amounts of bonds that have not been tendered: $27 million of senior series 2005A-1, $13.6 million of senior series 2006A-2 and $30 million of senior series 2006A-3 bonds.

To purchase the tendered bonds, the corporation must receive the consents to the proposed amendments to the related master trust indenture of holders of more than $186.3 million principal amount of the bonds, including holders of more than $164.1 million principal amount of the senior series of bonds.

As of 5 p.m. ET on May 12, the consents of holders of $185.8 million principal amount of senior series of bonds had been received.

The offer began April 12.

The Cincinnati-based corporation will not pay any consideration for the delivery of any consent that is not made in connection with the tender of the related bonds.

J.P. Morgan Securities Inc. (212 834-5435) is the dealer manager for the offer. The information and tender agent is Bondholder Communications Group (888 385-BOND).

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