Higher Education Loan Authority of Missouri extends tender offer

By Angela McDaniels

Tacoma, Wash., April 5 - The Higher Education Loan Authority of the State of Missouri extended the expiration time of its tender offer to 5 p.m. ET on April 12 from 5 p.m. ET on April 5, according to a news release.

The authority is offering to purchase the student loan auction-rate bonds issued under its Eleventh General Student Loan Program Bond Resolution adopted on Feb. 4, 1994. The total purchase price is subject to a $125 million cap.

The notes eligible for the offer and the minimum amount that must be offered in order to participate in the tender offer are noted in the table below.

The maximum tender price is $950 per $1,000 principal amount of the taxable senior bonds, $880 for the tax-exempt subordinated bonds and $850 for the taxable subordinated bonds.

As of the original expiration time, holders had tendered $32.1 million of taxable senior bonds at tender prices not higher than the maximum tender price. No other bonds had been tendered at of that time.

Subject to the applicable maximum tender prices, the authority plans to purchase tendered bonds at the price specified by the tendering holder plus accrued interest. The bonds within a series that will be accepted for purchase, if any, will generally be selected in order of increasing tender price.

The offer began March 16.

The dealer manager is Morgan Stanley & Co. LLC (212 762-7407 or 800 223-2440). The information agent and tender agent is D.F. King & Co., Inc. (212 809-8838, 800 431-9643 or, for banks and brokers, 212 269-5550).

Higher Education Loan Authority of Missouri tender offer

Series Outstanding amount Minimum denomination for offer

Taxable senior bonds

1999MM $10 million $50,000

2001A $28.7 million $50,000

2001C $10.35 million $50,000

2001D $6.75 million $50,000

2001E $9.95 million $50,000

2001UU $50,000 $50,000

2002D $3 million $100,000

2002G $20 million $100,000

2002I $100,000 $100,000

2002L $5 million $100,000

2003A $100,000 $50,000

2003C $800,000 $50,000

2003D $450,000 $50,000

2003E $22.55 million $50,000

2003F $500,000 $50,000

2004D $4.95 million $50,000

2004E $26.75 million $50,000

2004F $31.5 million $50,000

2004H $9.35 million $50,000

2004I $2 million $50,000

Tax-exempt subordinated bonds

1996K $14.8 million $50,000

1997S $13.15 million $50,000

1998X $3.85 million $50,000

1999LL $21.55 million $50,000

Taxable subordinated bonds

2001XX $50,000 $50,000

2002M $200,000 $100,000

2002N $5.1 million $100,000

2004K $34.1 million $50,000

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