Access Group, Inc. Reviewing Options on Class A-2 Notes

WEST CHESTER, Pa., Feb. 25, 2015 /PRNewswire-USNewswire/ -- Access Group, Inc. ("AGI"), as issuer of the Federal Student Loan Asset-Backed Notes, Series 2004-2 (the "Series 2004-2 Notes" or the "Notes"), announced today that it is reviewing options to supplement the cash inflows available to pay the Notes as a method to ensure full and timely repayment of the Series 2004-2, Class A-2 Notes on or before their Final Maturity Date.

On October 21, 2004, AGI issued $767,472,000 of Series 2004-2 Notes. This non-recourse debt was issued in six classes of Notes and each class was assigned a specified Final Maturity Date, i.e., the date on which all remaining principal of that particular class becomes due and payable. Selected information about the Series 2004-2 Notes is presented in the following table:

Class A-1 was retired in full on January 25, 2012. Upon the retirement of Class A-1, Class A-2 began amortizing and approximately 48.3% of the Original Balance has been repaid.

AGI is aware of the impending Class A-2 Final Maturity Date and the possibility that, absent a material acceleration, cash flows generated by the underlying FFEL program student loans may be insufficient to fully redeem the Class A-2 Notes on or prior to their Final Maturity Date. AGI will continue to evaluate the various options which it may employ to ensure the complete redemption of the Class A-2 Notes on or prior to their Final Maturity Date.

Should cash inflows from the underlying collateral increase, the Class A-2 Notes may be redeemed in full without any additional action by AGI. In any case, AGI is confident the underlying FFEL program student loans cash inflows and, if needed, cash resulting from employment of one or more of the options under review will permit complete and timely redemption of the Class A-2 Notes on or prior to their Final Maturity Date.

At this time, no single option or combination of options has been selected or invoked. AGI is under no obligation to undertake any action to accelerate redemption on the Class A-2 Notes. This announcement should not be construed as either a binding obligation of AGI or an assurance AGI will undertake any action regarding the redemption of either Class A-2 Notes, or any of the Series 2004-2 Notes.

About Access Group, Inc.

Founded in 1983, AGI is a nonprofit, membership organization comprised of 196 nonprofit and State-affiliated American Bar Association-approved law schools. Our staff works to further access to, and affordability and value of, legal education through research, policy advocacy, and direct member and student educational services.

During the course of our 30+ year existence, we became a leading provider of affordable student loans for aspiring professionals in law, medicine, dentistry, health, business, and other disciplines. As such, we served as a national originator, holder and servicer of federally guaranteed and private, credit-based loans, funding more than $18 billion of education loans since 2001. In recent years, we have focused on our member services activities, financial education and resources, research and advocacy functions.

SOURCE Access Group, Inc.

Related Links

http://www.accessgroup.org