Published on 6/10/2011 in the Prospect News Liability Management Daily and Prospect News Municipals Daily.
Pennsylvania Higher Education amends tender for auction-rate bonds
By Angela McDaniels
Tacoma, Wash., June 10 - Pennsylvania Higher Education Assistance Agency announced an amendment to its tender offer for up to $2.3 billion of its auction-rate bonds.
The agency said that the tender offer currently provides that any holders who tender their bonds waive any right to the redemption of those bonds during the tender period and thereafter.
The terms of the offer are being amended so that, instead, bonds that are called for optional redemption prior to the settlement date, out of revenues generated from student loans held in the trust estate under the indenture, will be redeemed at par on the applicable redemption date in accordance with their terms whether or not those bonds are tendered in the offer, according to an agency news release.
The offer is for the agency's senior and subordinated series A through NN student loan revenue bonds.
The purchase prices for each $1,000 principal amount of bonds are noted in the table below. The issuer will also pay accrued interest up to but excluding the payment date.
The offer began on May 31 and will expire at 5 p.m. ET on June 21.
Morgan Stanley & Co. Inc. (212 761-0925) is the dealer manager. Bondholder Communications LLC (212 809-2663 for banks and brokers or 888 385-2663) is the information and tender agent.
| Series | Maturity | Original amount | Outstanding amount | Purchase price
|
| Taxable senior bonds
|
| A | Aug. 1, 2027 | $35 million | $28.75 million | $918
|
| C | March 1, 2028 | $50 million | $41.1 million | $918
|
| D | Nov. 1, 2028 | $45 million | $37 million | $918
|
| F-1 | Oct. 1, 2040 | $55 million | $45 million | $918
|
| F-2 | Oct. 1, 2040 | $55 million | $45 million | $918
|
| F-3 | Oct. 1, 2040 | $55 million | $45.2 million | $918
|
| H | Oct. 1, 2040 | $165 million | $135.5 million | $918
|
| J-1 | Dec. 1, 2040 | $53.75 million | $44.15 million | $918
|
| J-2 | Dec. 1, 2040 | $53.75 million | $44 million | $918
|
| J-3 | Dec. 1, 2040 | $53.75 million | $44.15 million | $918
|
| J-4 | Dec. 1, 2040 | $53.75 million | $44.15 million | $918
|
| L-1 | Aug. 1, 2041 | $95 million | $78.05 million | $918
|
| L-2 | Aug. 1, 2041 | $95 million | $77.75 million | $918
|
| R-1 | Aug. 1, 2042 | $75 million | $61.6 million | $918
|
| R-2 | Aug. 1, 2042 | $75 million | $61.35 million | $918
|
| T-1 | Sept. 1, 2042 | $94.1 million | $77.3 million | $918
|
| T-2 | Sept. 1, 2042 | $94.1 million | $77.3 million | $918
|
| T-3 | Sept. 1, 2042 | $94.1 million | $77.3 million | $918
|
| T-4 | Sept. 1, 2042 | $94.1 million | $77 million | $918
|
| T-5 | Sept. 1, 2042 | $94.1 million | $77.3 million | $918
|
| V-1 | Oct. 1, 2042 | $83.4 million | $68.5 million | $882
|
| V-2 | Oct. 1, 2042 | $83.3 million | $68.4 million | $882
|
| V-3 | Oct. 1, 2042 | $83.3 million | $68.2 million | $882
|
| V-4 | Oct. 1, 2042 | $50 million | $41.1 million | $882
|
| Y-1 | Sept. 1, 2043 | $75 million | $61.4 million | $882
|
| Y-2 | Sept. 1, 2043 | $75 million | $61.6 million | $882
|
| Y-3 | Sept. 1, 2043 | $75 million | $61.6 million | $882
|
| Y-4 | Sept. 1, 2043 | $75 million | $61.6 million | $882
|
| BB-1 | Nov. 1, 2044 | $75 million | $61.6 million | $882
|
| BB-2 | Nov. 1, 2044 | $75 million | $61.6 million | $882
|
| BB-3 | Nov. 1, 2044 | $75 million | $61.6 million | $882
|
| BB-4 | Nov. 1, 2044 | $75 million | $61.4 million | $882
|
| CC-1 | Aug. 1, 2045 | $75 million | $61.6 million | $918
|
| CC-2 | Aug. 1, 2045 | $75 million | $61.6 million | $918
|
| CC-3 | Aug. 1, 2045 | $50 million | $41.1 million | $918
|
| DD-1 | Sept. 1, 2045 | $100 million | $82.15 million | $918
|
| DD-2 | Sept. 1, 2045 | $100 million | $81.8 million | $918
|
| EE-1 | Dec. 1, 2045 | $95 million | $78.05 million | $918
|
| EE-2 | Dec. 1, 2045 | $95 million | $77.75 million | $918
|
| EE-3 | Dec. 1, 2045 | $95 million | $78.05 million | $918
|
| EE-4 | Dec. 1, 2045 | $95 million | $78.05 million | $918
|
| GG-1 | Dec. 1, 2045 | $97 million | $79.4 million | $882
|
| GG-2 | Dec. 1, 2045 | $97 million | $79.7 million | $882
|
| GG-3 | Dec. 1, 2045 | $96 million | $78.9 million | $882
|
| GG-4 | Dec. 1, 2045 | $70 million | $57.5 million | $882
|
| GG-5 | Dec. 1, 2045 | $70 million | $57.5 million | $882
|
| GG-6 | Dec. 1, 2045 | $70 million | $57.5 million | $882
|
| HH-1 | May 1, 2046 | $97 million | $79.35 million | $926
|
| HH-2 | May 1, 2046 | $97 million | $79.35 million | $926
|
| HH-3 | May 1, 2046 | $97 million | $79.65 million | $926
|
| HH-4 | May 1, 2046 | $97 million | $79.65 million | $926
|
| HH-5 | May 1, 2046 | $97 million | $79.65 million | $926
|
| HH-6 | May 1, 2046 | $97 million | $79.65 million | $926
|
| HH-7 | May 1, 2046 | $97 million | $79.65 million | $926
|
| HH-8 | May 1, 2046 | $97 million | $79.65 million | $926
|
| HH-9 | May 1, 2046 | $97 million | $79.65 million | $926
|
| HH-10 | May 1, 2046 | $97 million | $79.65 million | $926
|
| JJ-1 | June 1, 2046 | $75 million | $61.6 million | $918
|
| JJ-2 | June 1, 2046 | $75 million | $61.6 million | $918
|
| JJ-3 | June 1, 2046 | $100 million | $82.125 million | $918
|
| JJ-4 | June 1, 2046 | $75 million | $61.35 million | $918
|
| JJ-5 | June 1, 2046 | $50 million | $40.9 million | $918
|
| JJ-6 | June 1, 2046 | $75 million | $61.35 million | $918
|
| JJ-7 | June 1, 2046 | $75 million | $61.6 million | $918
|
| JJ-8 | June 1, 2046 | $75 million | $61.6 million | $918
|
| JJ-9 | June 1, 2046 | $75 million | $61.6 million | $918
|
| JJ-10 | June 1, 2046 | 52.5 million | $43.125 million | $918
|
| LL-1 | April 1, 2047 | $70 million | $57.5 million | $918
|
| LL-2 | April 1, 2047 | $70 million | $57.5 million | $918
|
| LL-3 | April 1, 2047 | $70 million | $57.5 million | $918
|
| LL-4 | April 1, 2047 | $60 million | $49.275 million | $918
|
| LL-5 | April 1, 2047 | $60 million | $49.1 million | $918
|
| LL-6 | April 1, 2047 | $60 million | $49.275 million | $918
|
| LL-7 | April 1, 2047 | $90 million | $73.925 million | $918
|
| LL-8 | April 1, 2047 | $90 million | $73.925 million | $918
|
| LL-9 | April 1, 2047 | $90 million | $73.925 million | $918
|
| LL-10 | April 1, 2047 | $90 million | $73.925 million | $918
|
| MM-1 | June 1, 2047 | $69.75 million | $57.275 million | $926
|
| MM-2 | June 1, 2047 | $50 million | $40.9 million | $926
|
| MM-3 | June 1, 2047 | $50 million | $40.9 million | $926
|
| MM-4 | June 1, 2047 | $50 million | $41.075 million | $926
|
| MM-5 | June 1, 2047 | $50 million | $41.075 million | $926
|
| MM-6 | June 1, 2047 | $69.75 million | $57.275 million | $926
|
|
|
| Tax-exempt senior bonds
|
| N-1 | June 1, 2037 | $70 million | $57.5 million | $926
|
| N-2 | June 1, 2037 | $70 million | $57.3 million | $926
|
| P-1 | March 1, 2022 | $70 million | $57.5 million | $926
|
| P-2 | March 1, 2022 | $70 million | $57.3 million | $926
|
| W-1 | June 1, 2038 | $80 million | $65.7 million | $926
|
| W-2 | June 1, 2038 | $60 million | $49.3 million | $926
|
| Z-1 | June 1, 2039 | $50 million | $41.075 million | $926
|
| Z-2 | June 1, 2039 | $40 million | $32.85 million | $926
|
| Z-3 | June 1, 2039 | $40 million | $32.85 million | $926
|
| Z-4 | June 1, 2039 | $40 million | $32.85 million | $926
|
| AA-1 | June 1, 2039 | $57 million | $46.85 million | $926
|
| AA-2 | June 1, 2039 | $57 million | $46.85 million | $926
|
| AA-3 | June 1, 2039 | $57 million | $46.65 million | $926
|
|
|
| Taxable subordinated bonds
|
| B | Aug. 1, 2027 | $15 million | $15 million | $630
|
| E | Nov. 1, 2028 | $5 million | $5 million | $630
|
| G | Oct. 1, 2040 | $10 million | $10 million | $630
|
| I | Oct. 1, 2040 | $10 million | $10 million | $630
|
| K | Dec. 1, 2040 | $25 million | $25 million | $630
|
| M | Aug. 1, 2041 | $10 million | $10 million | $630
|
| 5 | Aug. 1, 2042 | $10 million | $10 million | $630
|
| U | Sept. 1, 2042 | $29.5 million | $29.5 million | $630
|
| FF | Dec. 1, 2045 | $20 million | $20 million | $630
|
| II | May 1, 2046 | $30 million | $30 million | $630
|
| KK | June 1, 2046 | $22.5 million | $22.5 million | $630
|
| NN | June 1, 2047 | $10.5 million | $10.5 million | $630
|
|
|
| Tax-exempt subordinated bonds
|
| O | June 1, 2037 | $10 million | $10 million | $526
|
| Q | March 1, 2022 | $10 million | $10 million | $526
|
| X | June 1, 2038 | $10 million | $10 million | $526
|
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