New Hampshire Higher Education Loan Corporation Announces Results of its Dutch Auction Tender Offer with Respect to Education Loan Revenue Bonds

CONCORD, N.H., June 22 /PRNewswire/ -- The New Hampshire Higher Education Loan Corporation (the "Corporation") today announced the results of its "Modified Dutch Auction" cash tender offer with respect to the outstanding auction rate Education Loan Revenue Bonds listed below (collectively the "Bonds").  The tender offer expired at 5:00 p.m. New York City time, on June 18, 2010 (the "Expiration Date").  The Corporation notified bondholders of the acceptance of validly tendered auction rate bonds on June 22, 2010.  Tendered Bonds that were not accepted by the Corporation will be returned to the applicable bondholders.  Upon the terms and subject to the conditions to purchase set forth in the Corporation's Invitation to Offer to Sell Auction Rate Bonds, dated May 24, as amended and supplemented pursuant to a First Supplement to Invitation to Offer to Sell Auction Rate Bonds, dated June 2, 2010 (collectively, the "Invitation"), it is expected that tendering bondholders whose Bonds are accepted will be paid on June 29, 2010.  Based on the count by D.F. King & Co., Inc., the depositary for the tender offer, as of the Expiration Date, $1,405,875,000 aggregate principal amount of Bonds were validly tendered pursuant to the Invitation.

In determining the clearing price for each series of Bonds, the Corporation followed the "Modified Dutch Auction" procedure described in the Invitation.  The Corporation determined, in its sole discretion, the particular series of Bonds to be purchased.  Within the selected series, the Corporation selected tenders at the lowest price first and continued to accept offers at prices in ascending order until it selected the amount of Bonds of each series that it determined to purchase.  The clearing price for any series was the highest price for any Bonds of that series that were accepted for purchase by the Corporation.

Upon the terms and subject to the conditions to purchase set forth in the Invitation, the Corporation has accepted, and expects to purchase, $588,350,000 aggregate principal amount of Bonds at the following purchase prices and for the following series of Bonds:

The aggregate principal amount of Bonds that the Corporation expects to purchase represents approximately 41% of the total outstanding principal amount of Bonds.

D.F. King & Co., Inc. is acting as the information agent and depositary agent.

This press release is for informational purposes only and is not an offer to purchase or a solicitation of an offer to purchase with respect to any Bonds.

(1) CUSIP is a registered trademark of American Bankers Association.  None of the Corporation, the Authority or the Depositary Agent makes any representation as to, or takes any responsibility for, the accuracy of such CUSIP numbers.  CUSIP numbers are provided for convenience of reference only.

(2) Represents the consideration per $1,000 principal amount of Bonds tendered and accepted for purchase.

SOURCE New Hampshire Higher Education Loan Corporation