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Illinois commission to redeem $884.4 million of its student loan bonds
By Devika Patel
Knoxville, Tenn., Sept. 24 - The Illinois Student Assistance Commission announced it has launched a tender offer for 12 of its taxable student loan revenue bonds.
Affected bonds are the commission's $69.85 million in senior series 2002 I-3 bonds; $88.15 million in senior series 2003 IV-1 bonds; $21.4 million in senior series 2003 IV-3 bonds; $75 million in senior series 2004 VI-3 bonds; $70 million in senior series 2005 VIII-1 bonds; $70 million in senior series 2005 VIII-2 bonds; $80 million in senior series 2005 VIII-3 bonds; $50 million in senior series 2005 VIII-4 bonds; $60 million in senior series 2005 VIII-5 bonds; $70 million in senior series 2005 VIII-6 bonds; $80 million in senior series 2005 VIII-7 bonds; $80 million in senior series 2005 VIII-8 bonds; $30 million in subordinate series 2002 II bonds; $20 million in subordinate series 2005 IX-1 bonds; and $20 million in subordinate series 2005 IX-2 bonds.
The commission will pay 92 for the senior bonds and 84.4868 for the subordinate bonds, plus interest for both series up to, but not including, the settlement date, which is expected to be Oct. 28.
The tender offer is part of a plan to refinance student loans securing the commission's auction-rate bonds.
The offer will expire at 5 p.m. ET on Oct. 7.
Morgan Stanley & Co. Inc. (212 761-0925) is the dealer manager. D.F. King & Co., Inc. (212 269-5550 or 800 859-8509) is the information agent and depositary.
The Deerfield, Ill.-based commission was created in 1957 to ensure that financial considerations did not prevent Illinois students from realizing their postsecondary educational goals.
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