New Hampshire Higher Education Loan to buy $588.35 million of auction-rate bonds in tender offer

By Marisa Wong

Milwaukee, June 23 - New Hampshire Higher Education Loan Corp. expects to purchase $588.35 million of its outstanding auction-rate education loan revenue bonds, according to a Tuesday notice.

The purchase is part of a modified Dutch auction cash tender offer that was announced on May 24. The offer expired at 5 p.m. ET on June 18.

Holders tendered $1,405,875,000 of bonds in the offer.

Payment for the accepted bonds will occur on June 29.

New Hampshire Higher Education Loan will pay $957.50 for each $1,000 principal amount of the following tax-exempt senior auction-rate bonds:

• $25 million of series 2000A-3 bonds;

• $28.55 million of series 2001A bonds;

• $50 million of series 2002A bonds;

• $63.6 million of series 2003A bonds; and

• $40.9 million of series 2004A-1 bonds.

The corporation will pay $825 for each $1,000 principal amount of the following tax-exempt subordinate auction-rate bonds:

• $43.05 million of series 1999B bonds;

• $15 million of series 2001B bonds; and

• $15 million of series 2002B bonds.

The corporation will pay $850 for each $1,000 principal amount of the following taxable senior auction-rate bonds:

• $32 million of series 1998A-2 bonds;

• $42.4 million of series 2001A-2 bonds;

• $86 million of series 2006A-1 bonds;

• $42.3 million of series 2006A-2 bonds;

• $59.2 million of series 2006A-3 bonds; and

• $45.35 million of series 2007A-1 bonds.

D.F. King & Co., Inc. is the agent.

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