ALEXANDRIA, Va., June 16 /PRNewswire/ -- Student Loan Consolidation Center Student Loan Trust I, a Delaware statutory trust ("SLCC I"), today released the following statement in connection with its cash tender offer (the "Tender Offer") to purchase up to $450,000,000 aggregate principal amount (as such amount may be increased in SLCC I's sole discretion, the "Tender Cap") of its outstanding Auction Rate Student Loan Asset-Backed Notes, Senior Series 2002A and 2002-2A (the "Notes"):
SLCC I today announced that it is waiving the minimum aggregate principal amount of Notes to be tendered and not withdrawn prior to June 29, 2010.
SLCC I also announced today that the "Early Tender Deadline" (which was previously 5:00 p.m., New York City time, on June 15, 2010) is extended until 5:00 p.m., New York City time, on June 22, 2010, unless further extended. Route 66 Ventures, LLC (d/b/a Goal Financial) ("Goal") will pay (or will cause one or more of its affiliates to pay) an "Early Tender Payment" of $1,500 for each $50,000 principal amount of Notes that have been validly tendered (and not validly withdrawn) and are accepted for purchase at or prior to 5:00 p.m., New York City time, on June 22, 2010, unless extended.
In addition, SLCC I announced today that the "Withdrawal Deadline" (which was previously 5:00 p.m., New York City time, on June 15, 2010) is extended until 5:00 p.m., New York City time, on June 22, 2010, unless further extended. Holders that tender (or that have previously tendered) their Notes may withdraw such Notes at any time before 5:00 p.m., New York City time, on June 22, 2010, unless extended.
SLCC I announced also that it is amending the Tender Offer to provide that up to the first approximately $45 million in tender offer consideration for Notes purchased pursuant to the Tender Offer will be funded using funds available from the SLCC I Surplus Fund (as defined in the Indenture for the Notes) and purchases of Notes for aggregate tender offer consideration in excess of approximately $45 million will be funded with the net proceeds from SLCC I's planned offering of its Student Loan Asset-Backed Notes, Series 2010-2 in one or more series (the "Series 2010-2 Notes"). SLCC I's obligation to purchase Notes tendered pursuant to the Tender Offer in excess of $45 million in aggregate tender offer consideration is conditioned, among other things, on SLCC I having closed and received the net proceeds from its offering of Series 2010-2 Notes on commercially reasonable terms sufficient to fund the purchase of such Notes in excess of $45 million in aggregate tender offer consideration. If the aggregate amount of the tender offer consideration for the Notes to be purchased pursuant to the Tender Offer is approximately $45 million or less, SLCC I may elect not to pursue the financing and would accept for purchase those Notes that are tendered for aggregate tender offer consideration of up to approximately $45 million.
The Tender Offer will expire at 11:59 p.m. (Eastern Time) on June 29, 2010, unless it is extended or earlier terminated (the "Expiration Time"). Tenders of the Notes may be made at any time prior to the Expiration Time.
SLCC I has retained Barclays Capital Inc. to act as the dealer manager for the Tender Offer. Questions related to the terms of the Tender Offer should be directed to Barclays Capital at (800) 438-3242 (toll-free) or (212) 528-7581 (collect). Global Bondholder Services Corporation is the information agent and depositary. Holders or their representatives may request copies of the Offer to Purchase and related Letter of Transmittal, which contain the full terms and conditions of the Tender Offer, and submit any requests for assistance to:
Global Bondholder Services Corporation
65 Broadway - Suite 404
New York, NY 10006
Attention: Corporate Actions
Telephone (banks and brokers): (212) 430-3774
Telephone (toll-free): (866) 857-2200
This press release is not an offer to purchase, an offer to sell, a solicitation of an offer to purchase or a solicitation of an offer to sell any of the Notes, the Series 2010-2 Notes or any other security. The Tender Offer is made only by and pursuant to the terms of the Offer to Purchase and the related Letter of Transmittal. The Offer to Purchase and related Letter of Transmittal contain important information that should be read carefully in its entirety before any decision is made to tender or not tender Notes pursuant to the Tender Offer. The Tender Offer is not being made to holders of Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. In any jurisdiction in which the securities laws or blue sky laws require the Tender Offer to be made by a licensed broker or dealer, the Tender Offer will be deemed to be made on behalf of SLCC I by the dealer manager, or one or more registered brokers or dealers that are licensed under the laws of such jurisdiction. None of SLCC I, the dealer manager, the depositary or the information agent makes any recommendation as to whether holders should tender their Notes in response to the Tender Offer. Holders must make their own decisions as to whether to tender Notes and, if so, the principal amount of Notes to tender and the Bid Price to be submitted therewith.
Forward-looking statements in this release, such as the scheduled expiration of the offer, are based on current expectations. Forward-looking statements that are made in this release and in certain of the publicly available information relating to the Notes and SLCC I are based on current expectations, estimates, beliefs, assumptions and projections.
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, SLCC I.
SOURCE Student Loan Consolidation Center Student Loan Trust I