Pennsylvania Higher Education tenders for up to $2.3 billion of bonds

By Marisa Wong

Madison, Wis., June 3 - Pennsylvania Higher Education Assistance Agency announced it began a cash tender offer for up to $2.3 billion of auction-rate bonds on May 31.

Affected are the agency's senior and subordinated series A through NN student loan revenue bonds.

The purchase price for each $1,000 principal amount of bonds will be as follows:

• $526 for tax-exempt subordinated bonds, series O, Q and X;

• $630 for taxable subordinated bonds, series B, E, G, I, K, M, 5, U, FF, II, KK and NN;

• $882 for taxable senior bonds, series V, Y, BB and GG;

• $918 for taxable senior bonds, series A, C, D, F, H, J, L, R, T, CC, DD, EE, JJ and LL; and

• $926 for tax-exempt senior bonds, series N, P, W, Z and AA, and taxable senior bonds, series HH and MM.

The issuer said it will also pay accrued interest up to but excluding the payment date.

The offer will expire at 5 p.m. ET on June 21.

Morgan Stanley & Co. Inc. (212 761-0925) is the dealer manager for the tender offer. Bondholder Communications LLC (212 809-2663 for banks and brokers or 888 385-2663) is the information and tender agent.

The agency provides student financial aid services.

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