PHEAA Seeks Bondholder Consent to Amend 1997 Student Loan Revenue Bonds
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Fri, 06 Nov 2009 18:34:33 GMT |
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Pennsylvania Higher Education Assistance Agency |
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HARRISBURG, PA -- 11/06/09 --
The Pennsylvania Higher Education Assistance
Agency (PHEAA) announced today that it will be seeking approval for the
Thirty-Eighth Supplemental Trust Indenture (the "Proposed Amendment") from
holders of all Outstanding Student Loan Revenue Bonds issued under the
Trust Indenture dated August 1, 1997, as amended and supplemented. The
Proposed Amendment would provide, among other things, the basis for future
opportunities for Bondholders to exchange their Bonds on a discounted basis
for student loans currently pledged as collateral under the Indenture or to
tender their Bonds for payment at a discount from collections of loan
repayments. A consent solicitation packet containing the Proposed
Amendment, together with relevant information materials and instructions
for consenting, is expected to be sent to Bondholders on or about Monday,
November 9, 2009.
About PHEAA
Created in 1963 by the Pennsylvania General Assembly, the Pennsylvania
Higher Education Assistance Agency (PHEAA) has evolved into one of the
nation's leading nonprofit student aid organizations. Today, PHEAA is a
national provider of student financial aid services, serving millions of
students and thousands of schools through its loan guaranty, loan
servicing, financial aid processing systems and outreach programs. As a
nonprofit organization belonging to the Commonwealth of Pennsylvania, PHEAA
devotes its energy, resources and imagination to developing innovative ways
to ease the financial burden of higher education for Pennsylvania's
students, families, schools and taxpayers.
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