Published on 6/30/2011 in the Prospect News Liability Management Daily and Prospect News Municipals Daily.
Pennsylvania Higher Education accepts tenders for auction-rate bonds in oversubscribed offer
By Susanna Moon
Chicago, June 30 - Pennsylvania Higher Education Assistance Agency said it received tenders for $2,322,725,000 of auction-rate bonds in the offer for up to $2.3 billion of its senior and subordinated series A through NN student loan revenue bonds. The breakdown for the accepted tenders is provided in the table below.
The amount of accepted bonds in the offer was equal to the tendered amount, except for one series of senior taxable bonds and for one series of taxable subordinate bonds.
Holders tendered $46 million of the series HH-6 series bonds due May 1, 2046, and the agency accepted $29.75 million of the bonds. Holders tendered a total of $1,805,450,000 of taxable senior bonds, and the agency accepted $1,789,200,000 of them.
Holders tendered $10,375,000 of series NN bonds due June 1, 2047, and the agency accepted $3.9 million of the bonds. Holders tendered a total of $83,675,000 taxable subordinate bonds, and the agency accepted $77.2 million of them.
Otherwise, the agency purchased all the tendered notes. Holders tendered $423,600,000 of the tax-exempt senior bonds and $10 million of the tax-exempt subordinate bonds.
The purchase prices for each $1,000 principal amount of bonds are noted in the table. The issuer will also pay accrued interest up to but excluding the payment date.
The offer began on May 31 and expired at 5 p.m. ET on June 21.
The terms of the offer were amended on June 10 so that 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.
The agency said that the tender offer had provided that any holders who tendered their bonds waive any right to the redemption of those bonds during the tender period and thereafter.
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 | Accepted tenders Purchase price
|
|
Taxable senior bonds
|
A | Aug. 1, 2027 | $35 million | $28.75 million | $28 million | $918
|
C | March 1, 2028 | $50 million | $41.1 million | $39.85 million | $918
|
D | Nov. 1, 2028 | $45 million | $37 million | $13.65 million | $918
|
F-1 | Oct. 1, 2040 | $55 million | $45 million | $43.95 million | $918
|
F-2 | Oct. 1, 2040 | $55 million | $45 million | $43.45 million | $918
|
F-3 | Oct. 1, 2040 | $55 million | $45.2 million | $44 million | $918
|
H | Oct. 1, 2040 | $165 million | $135.5 million | $49.9 million | $918
|
J-1 | Dec. 1, 2040 | $53.75 million | $44.15 million | $43 million | $918
|
J-2 | Dec. 1, 2040 | $53.75 million | $44 million | $42.85 million | $918
|
J-3 | Dec. 1, 2040 | $53.75 million | $44.15 million | $42.65 million | $918
|
J-4 | Dec. 1, 2040 | $53.75 million | $44.15 million | $39.7 million | $918
|
L-1 | Aug. 1, 2041 | $95 million | $78.05 million | $3.85 million | $918
|
L-2 | Aug. 1, 2041 | $95 million | $77.75 million | $9.5 million | $918
|
R-1 | Aug. 1, 2042 | $75 million | $61.6 million | $57.9 million | $918
|
R-2 | Aug. 1, 2042 | $75 million | $61.35 million | $59.8 million | $918
|
T-1 | Sept. 1, 2042 | $94.1 million | $77.3 million | $3.55 million | $918
|
T-2 | Sept. 1, 2042 | $94.1 million | $77.3 million | $3.45 million | $918
|
T-3 | Sept. 1, 2042 | $94.1 million | $77.3 million | $25.45 million | $918
|
T-4 | Sept. 1, 2042 | $94.1 million | $77 million | $11.35 million | $918
|
T-5 | Sept. 1, 2042 | $94.1 million | $77.3 million | $15.7 million | $918
|
V-1 | Oct. 1, 2042 | $83.4 million | $68.5 million | $3.6 million | $882
|
V-2 | Oct. 1, 2042 | $83.3 million | $68.4 million | $25.9 million | $882
|
V-3 | Oct. 1, 2042 | $83.3 million | $68.2 million | $13.8 million | $882
|
V-4 | Oct. 1, 2042 | $50 million | $41.1 million | $31.8 million | $882
|
Y-1 | Sept. 1, 2043 | $75 million | $61.4 million | $5.3 million | $882
|
Y-2 | Sept. 1, 2043 | $75 million | $61.6 million | $14.2 million | $882
|
Y-3 | Sept. 1, 2043 | $75 million | $61.6 million | $2.5 million | $882
|
Y-4 | Sept. 1, 2043 | $75 million | $61.6 million | $18.0 million | $882
|
BB-1 | Nov. 1, 2044 | $75 million | $61.6 million | $31.5 million | $882
|
BB-2 | Nov. 1, 2044 | $75 million | $61.6 million | $7.6 million | $882
|
BB-3 | Nov. 1, 2044 | $75 million | $61.6 million | $5.5 million | $882
|
BB-4 | Nov. 1, 2044 | $75 million | $61.4 million | $1.4 million | $882
|
CC-1 | Aug. 1, 2045 | $75 million | $61.6 million | $60 million | $918
|
CC-2 | Aug. 1, 2045 | $75 million | $61.6 million | $56.85 million | $918
|
CC-3 | Aug. 1, 2045 | $50 million | $41.1 million | $39.8 million | $918
|
DD-1 | Sept. 1, 2045 | $100 million | $82.15 million | $8.75 million | $918
|
DD-2 | Sept. 1, 2045 | $100 million | $81.8 million | $8.2 million | $918
|
EE-1 | Dec. 1, 2045 | $95 million | $78.05 million | $24.7 million | $918
|
EE-2 | Dec. 1, 2045 | $95 million | $77.75 million | $1.6 million | $918
|
EE-3 | Dec. 1, 2045 | $95 million | $78.05 million | $8.15 million | $918
|
EE-4 | Dec. 1, 2045 | $95 million | $78.05 million | $16 million | $918
|
GG-1 | Dec. 1, 2045 | $97 million | $79.4 million | $4.9 million | $882
|
GG-2 | Dec. 1, 2045 | $97 million | $79.7 million | $37.9 million | $882
|
GG-3 | Dec. 1, 2045 | $96 million | $78.9 million | $100,000 | $882
|
GG-4 | Dec. 1, 2045 | $70 million | $57.5 million | $36.9 million | $882
|
GG-5 | Dec. 1, 2045 | $70 million | $57.5 million | $20.6 million | $882
|
GG-6 | Dec. 1, 2045 | $70 million | $57.5 million | $56 million | $882
|
HH-1 | May 1, 2046 | $97 million | $79.35 million | $1,175,000 | $926
|
HH-2 | May 1, 2046 | $97 million | $79.35 million | $2.55 million | $926
|
HH-3 | May 1, 2046 | $97 million | $79.65 million | $900,000 | $926
|
HH-4 | May 1, 2046 | $97 million | $79.65 million | $4,325,000 | $926
|
HH-5 | May 1, 2046 | $97 million | $79.65 million | $28,475,000 | $926
|
HH-6 | May 1, 2046 | $97 million | $79.65 million | $29.75 million ($46 million tendered) | $926
|
HH-7 | May 1, 2046 | $97 million | $79.65 million | $950,000 | $926
|
HH-8 | May 1, 2046 | $97 million | $79.65 million | $52.85 million | $926
|
HH-9 | May 1, 2046 | $97 million | $79.65 million | $50,225,000 | $926
|
HH-10 | May 1, 2046 | $97 million | $79.65 million | $2.65 million | $926
|
JJ-1 | June 1, 2046 | $75 million | $61.6 million | $51.75 million | $918
|
JJ-2 | June 1, 2046 | $75 million | $61.6 million | $2.3 million | $918
|
JJ-3 | June 1, 2046 | $100 million | $82.125 million | $0.00 | $918
|
JJ-4 | June 1, 2046 | $75 million | $61.35 million | $50,025,000 | $918
|
JJ-5 | June 1, 2046 | $50 million | $40.9 million | $500,000 | $918
|
JJ-6 | June 1, 2046 | $75 million | $61.35 million | $2,475,000 | $918
|
JJ-7 | June 1, 2046 | $75 million | $61.6 million | $59.55 million | $918
|
JJ-8 | June 1, 2046 | $75 million | $61.6 million | $0.00 | $918
|
JJ-9 | June 1, 2046 | $75 million | $61.6 million | $43.55 million | $918
|
JJ-10 | June 1, 2046 | 52.5 million | $43.125 million | $400,000 | $918
|
LL-1 | April 1, 2047 | $70 million | $57.5 million | $0.00 | $918
|
LL-2 | April 1, 2047 | $70 million | $57.5 million | $750,000 | $918
|
LL-3 | April 1, 2047 | $70 million | $57.5 million | $2,325,000 | $918
|
LL-4 | April 1, 2047 | $60 million | $49.275 million | $0.00 | $918
|
LL-5 | April 1, 2047 | $60 million | $49.1 million | $0.00 | $918
|
LL-6 | April 1, 2047 | $60 million | $49.275 million | $0.00 | $918
|
LL-7 | April 1, 2047 | $90 million | $73.925 million | $57.75 million | $918
|
LL-8 | April 1, 2047 | $90 million | $73.925 million | $70,275,000 | $918
|
LL-9 | April 1, 2047 | $90 million | $73.925 million | $69,125,000 | $918
|
LL-10 | April 1, 2047 | $90 million | $73.925 million | $2.95 million | $918
|
MM-1 | June 1, 2047 | $69.75 million | $57.275 million | 5.5 million | $926
|
MM-2 | June 1, 2047 | $50 million | $40.9 million | $1.55 million | $926
|
MM-3 | June 1, 2047 | $50 million | $40.9 million | $1,675,000 | $926
|
MM-4 | June 1, 2047 | $50 million | $41.075 million | $1,075,000 | $926
|
MM-5 | June 1, 2047 | $50 million | $41.075 million | $0.00 | $926
|
MM-6 | June 1, 2047 | $69.75 million | $57.275 million | $28,725,000 | $926
|
|
Tax-exempt senior bonds
|
N-1 | June 1, 2037 | $70 million | $57.5 million | $5.5 million | $926
|
N-2 | June 1, 2037 | $70 million | $57.3 million | $4.3 million | $926
|
P-1 | March 1, 2022 | $70 million | $57.5 million | $56 million | $926
|
P-2 | March 1, 2022 | $70 million | $57.3 million | $56 million | $926
|
W-1 | June 1, 2038 | $80 million | $65.7 million | $63.9 million | $926
|
W-2 | June 1, 2038 | $60 million | $49.3 million | $12.9 million | $926
|
Z-1 | June 1, 2039 | $50 million | $41.075 million | $39.9 million | $926
|
Z-2 | June 1, 2039 | $40 million | $32.85 million | $32.3 million | $926
|
Z-3 | June 1, 2039 | $40 million | $32.85 million | $15.9 million | $926
|
Z-4 | June 1, 2039 | $40 million | $32.85 million | $2.85 million | $926
|
AA-1 | June 1, 2039 | $57 million | $46.85 million | $45.45 million | $926
|
AA-2 | June 1, 2039 | $57 million | $46.85 million | $43 million | $926
|
AA-3 | June 1, 2039 | $57 million | $46.65 million | $45.6 million | $926
|
|
Taxable subordinated bonds
|
B | Aug. 1, 2027 | $15 million | $15 million | $15 million | $630
|
E | Nov. 1, 2028 | $5 million | $5 million | $5 million | $630
|
G | Oct. 1, 2040 | $10 million | $10 million | $9.5 million | $630
|
I | Oct. 1, 2040 | $10 million | $10 million | $10 million | $630
|
K | Dec. 1, 2040 | $25 million | $25 million | $23.3 million | $630
|
M | Aug. 1, 2041 | $10 million | $10 million | $0.00 | $630
|
5 | Aug. 1, 2042 | $10 million | $10 million | $10 million | $630
|
U | Sept. 1, 2042 | $29.5 million | $29.5 million | $0.00 | $630
|
FF | Dec. 1, 2045 | $20 million | $20 million | $0.00 | $630
|
II | May 1, 2046 | $30 million | $30 million | $500,000 | $630
|
KK | June 1, 2046 | $22.5 million | $22.5 million | $0.00 | $630
|
NN | June 1, 2047 | $10.5 million | $10.5 million | $3.9 million ($10,375,000 tendered) | $630
|
|
Tax-exempt subordinated bonds
|
O | June 1, 2037 | $10 million | $10 million | $0.00 | $526
|
Q | March 1, 2022 | $10 million | $10 million | $10 million | $526
|
X | June 1, 2038 | $10 million | $10 million | $0.00 | $526
|
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