By Sheri Kasprzak
New York, June 18 - The Kentucky Higher Education Student Loan Corp. priced $300 million in series 2008A-1 variable-rate tax-exempt and series 2008A-2 taxable variable-rate demand revenue and refunding bonds, said James Ackinson, chief financial officer for the corporation.
The corporation priced $179.6 million in series 2008A-1 tax-exempt AMT bonds with a 2% initial rate, $83.4 million in series 2008A-2 tax-exempt AMT bonds with a 2% initial rate and $37 million in series 2008A-3 taxable variable-rate demand revenue and refunding bonds with a 2.55% initial rate. The bonds bear interest at the weekly rate.
The 2008A-1 bonds are due June 1, 2037; the 2008A-2 bonds are due June 1, 2038, and the 2008A-3 bonds are due June 1, 2038.
The bonds were sold on a negotiated basis with Bank of America as the senior manager.
Proceeds will refinance $217 million in auction-rate bonds and issue $83 million in new tax-exempt bonds used to pay down a line of credit.
| Issuer: | Kentucky Higher Education Student Loan Corp.
|
| Issue: | Series 2008 variable-rate bonds
|
| Amount: | $300 million
|
| Type: | Negotiated
|
| Underwriter: | Bank of America
|
| Pricing date: | June 17
|
|
|
| Series 2008A-1 tax-exempt bonds
|
| Maturity | Coupon | Price
|
| June 1, 2037 | 2% | Par
|
|
|
| Series 2008A-2 tax-exempt bonds
|
| Maturity | Coupon | Price
|
| June 1, 2038 | 2% | Par
|
|
|
| Series 2008A-3 taxable bonds
|
| Maturity | Coupon | Price
|
| June 1, 2038 | 2.55% | Par
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
