Student Loan Consolidation starts Dutch tender for 14 notes series

By Jennifer Chiou

New York, Jan. 14 - Student Loan Consolidation Center Student Loan Trust I announced the start of a Dutch auction cash tender offer for up to $500 million of its auction-rate student loan asset-backed notes.

The company added that it may increase the cap to $750 million.

The offer will end at 8 a.m. ET on March 2.

Affected notes include the outstanding:

• $40.3 million of series 2002A-1 notes;

• $66.65 million of series 2002A-2 notes;

• $48.7 million of series 2002A-3 notes;

• $74.2 million of series 2002A-4 notes;

• $75 million of series 2002A-5 notes;

• $53.8 million of series 2002A-6 notes;

• $75 million of series 2002A-9 notes;

• $69 million of series 2002A-11 notes;

• $75 million of series 2002A-13 notes;

• $46.5 million of series 2002A-14 notes;

• $74.5 million of series 2002A-15 notes;

• $53.3 million of series 2002A-16 notes;

• $59.2 million of series 2002A-17 notes; and

• $47 million of series 2002A-18 notes.

Each series had an initial amount of $75 million.

For all series, the acceptable bid price range is $45,000 to $47,000, including the $2,500 early tender premium to be paid by Goal Financial, LLC (formerly Route 66 Ventures, LLC), for each $50,000 of notes.

The early tender date is 5 p.m. ET on Jan. 28.

Student Loan will accept the lowest bid prices first.

Settlement is anticipated between March 3 and March 7. Withdrawal rights expire at 5 p.m. ET on Jan. 28.

The offer is subject to financing.

Barclays Capital Inc. is the dealer manager (800 438-3242 or call collect 212 528-7581). Global Bondholder Services Corp. is the information agent and depositary (212 430-3774 or 866 857-2200).

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.