KnowledgeFunding Ohio Announces Expiration of Offer for Outstanding Student Loan Revenue Bonds

Jun 03, 2010, 12:23 ET from KnowledgeFunding Ohio, Inc.

CINCINNATI, June 3 /PRNewswire/ -- KnowledgeFunding Ohio, Inc. (the "Corporation") announced today the expiration of its previously announced consent solicitation and cash tender offer (the "Offer") for the following series of its outstanding student loan revenue bonds: Senior Series 2005A-1 Bonds, Senior Series 2005A-2 Bonds, Senior Series 2005A-3 Bonds, and Subordinate Series 2005C-1 Bonds, all issued on December 21, 2005 and Senior Series 2006A-1 Bonds, Senior Series 2006A-2 Bonds, Senior Series 2006 A-3 Bonds, and Subordinate Series 2006C-1 Bonds, all issued on December 20, 2006 (collectively, the "Bonds"). 

Because the Corporation did not receive consents in respect of more than $186,300,000 in aggregate principal amount of the Bonds, the proposed amendments to the related Master Trust Indenture were not approved and the requisite consents condition to the Offer was not satisfied.  Consequently, the Corporation did not accept any Bonds for purchase pursuant to the Offer.

The Corporation has instructed Bondholder Communications Group, the Information and Tender Agent for the Offer, to return all tendered Bonds to the accounts from which such Bonds were tendered.  All stand-alone consents delivered to the Corporation automatically became void and will be destroyed.

SOURCE KnowledgeFunding Ohio, Inc.