Indiana Secondary Market for Education Loans accepts for purchase $58.33 million offered bonds

By Marisa Wong

Madison, Wis., Aug. 22 - Indiana Secondary Market for Education Loans, Inc. accepted for purchase $58.325 million principal amount of its bonds, according to a notice.

The Indianapolis-based education loan corporation invited certain of its bondholders to offer some or all of their bonds for cash. The invitation began on July 20 and expired at 5 p.m. ET on Aug. 17.

The invitation was extended to holders of the following series: 1998, 2000, 2001, 2002A, 2003-1, 2003-2, 2003-3, 2004-1, 2004-2, 2004-3, 2004-4, 2005-1, 2005-2, 2005-3, 2005-4, 2005-5, 2006-1, 2006-2, 2006-3, 2006-4, 2006-5, 2007-1, 2007-2, 2007-3, 2007-4 and 2007-5.

The outstanding principal amount of the bonds totaled $1,504,125,000. Holders offered $178.65 million of the bonds.

The purchase prices ranged from 80 to 92. The accepted bonds will be purchased for a total of $53,413,937.50.

Settlement will occur on Sept. 2.

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