Educational Funding, Calif., rescinds $71.35 million bond call

By Marisa Wong

Madison, Wis., June 27 - Educational Funding Services, Inc. of California has rescinded the planned redemption of $71.35 million outstanding series 2007-1 A1 variable-rate student loan asset-backed notes due Dec. 1, 2042, according to a notice.

The notes were originally to be redeemed on July 6 at par plus accrued interest to the redemption date.

According to a separate notice, the outstanding principal amount is now $5 million, instead of $71.35 million. The remaining notes will be redeemed on July 20 at par with proceeds from the sale of new notes by Brazos Higher Education Authority, Inc.

Educational Funding and Brazos are part of Waco, Texas-based Brazos Higher Education Service Corp., Inc., which provides management services to nonprofit higher education financing corporations.

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