Vermont Student Assistance accepts tenders for $16.1 million of bonds

By Marisa Wong

Madison, Wis., July 11 - Vermont Student Assistance Corp. announced it will purchase $16.1 million of the $119.05 million of auction-rate bonds that were tendered in its cash tender offer that began on June 9 and expired at 5 p.m. ET on July 7.

The company said it accepted for purchase bonds tendered at $890 per $1,000 principal amount or less. The bonds will be purchased at an average purchase price of $886.30 per $1,000 of bonds.

All other tendered bonds will not be purchased.

Settlement will occur on July 12.

Samuel A. Ramirez & Co., Inc. is the dealer manager.

The Winooski, Vt.-based corporation provides grants, loans, scholarships and education planning services.

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