Illinois Student Assistance Commission Announces Extension of Acceptance Date
CHICAGO, Oct. 19 /PRNewswire/ -- Illinois Student Assistance Commission ("ISAC"), has decided to extend the acceptance date of its tender offer to purchase its outstanding Taxable Student Loan Revenue Bonds, Senior Series 2002 I-3, Senior Series 2003 IV-1, Senior Series 2003 IV-3, Senior Series 2004 VI-3, Senior Series 2005 VIII-1, Senior Series 2005 VIII-2, Senior Series 2005 VIII-3, Senior Series 2005 VIII-4, Senior Series 2005 VIII-5, Senior Series 2005 VIII-6, Senior Series 2005 VIII-7, Senior Series 2005 VIII-8, Subordinate Series 2002 II, Subordinate Series 2005 IX-1 and Subordinate Series 2005 IX-2, to a date occurring on or before October 22, 2010, unless further extended by ISAC.
On September 24, 2010, ISAC distributed an offer to purchase (the "Offer to Purchase") and related documents in connection with its tender offer to purchase certain of its auction rate bonds for a purchase price equal to 92.00000% of par for Senior Series Bonds and 84.48680% of par for Subordinate Series Bonds. The tender offer was originally set to expire at 5:00 p.m. New York City time on October 7, 2010. On October 7, 2010, ISAC issued a press release extending the expiration date to 5:00 p.m. New York City time on October 11, 2010 and extending the acceptance date to a date occurring on or before October 20, 2010, unless further extended by ISAC.
As of the expiration of the tender offer, $782,050,000 aggregate principal amount of Senior Series Taxable Student Loan Revenue Bonds and $67,900,000 aggregate principal amount of Subordinate Series Taxable Student Loan Revenue Bonds were tendered. Holders who have already tendered auction rate notes do not have the right to withdraw previously submitted tenders as provided in the Offer to Purchase.
Morgan Stanley & Co. Incorporated is the dealer manager for the tender offer.
Morgan Stanley & Co. Incorporated |
|
1585 Broadway, 2nd Floor |
|
New York, NY 10036 |
|
Phone: (212) 761-0925 |
|
Attn: ISAC Tender Offer |
|
D.F. King & Co., Inc. is the depositary for the tender offer. Holders or their representatives may request copies of the Offer to Purchase and related documents, and submit any questions or requests for assistance to:
D.F. King & Co., Inc. |
|
48 Wall Street, 22nd Floor |
|
New York, New York 10015 |
|
Bankers and Brokers Call: (212) 269-5550 |
|
All Others Call Toll Free: (800) 859-8509 |
|
This press release is not an offer to purchase, a solicitation of an offer to purchase or a solicitation of an offer to sell any of the auction rate bonds. The tender offer may only be made pursuant to the terms of the Offer to Purchase. The Offer to Purchase contains important information that should be read carefully in its entirety before any decision is made to tender or not tender auction rate bonds pursuant to the tender offer.
Illinois Student Assistance Commission Contact
John Sinsheimer, Chief Financial Officer: (312) 814-7279
Forward-Looking Statements
Forward-looking statements in this press release, such as the scheduled expiration of the tender offer, are based on current expectations. This press release contains forward-looking statements that involve a variety of business risks and other uncertainties that could cause actual results to differ materially. Words such as "expects," "intends," "plans," "projects," "believes," "estimates" and similar expressions are used to identify these forward-looking statements. These statements are not guarantees of future performance and involve risks, uncertainties, and assumptions that are difficult to predict. Forward-looking statements are based upon assumptions as to future events that may not prove to be accurate. Actual outcomes and results may differ materially from what is expressed or forecast in these forward-looking statements. Forward-looking statements speak only as of the date made. There is no obligation to update any forward-looking statements to reflect the events or circumstances arising after the date as of which they are made. As a result of these risks and uncertainties, readers are cautioned not to place undue reliance on the forward-looking statements included in this release or that may be made elsewhere from time to time by, or on behalf of, ISAC.
SOURCE Illinois Student Assistance Commission
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article