The trust company GCO Education Loan Funding Master Trust-II said today that it has commenced a tender offer to purchase certain outstanding senior auction rate student loan asset-backed notes.
Similar student loan products are struggling due to the credit crunch, and there is hope that this offer will bring some liquidity back into GCO’s securities, a spokesman said.
The securities available for purchase during the nearly one-month auction include Series 2006-2 and Series 2007-1 in the classes A-1AR, A-2AR, A-3AR, A-4AR, A-5AR, A-6AR and A-7AR for aggregate cash consideration not to exceed $40 million.
Greenwood Village, Colo.-based GCO's offer for the student loan notes is scheduled to expire Aug. 5 at 5 p.m. ET.
No comments:
Post a Comment