NextStudent Inc., a leading Phoenix-based education funding company, announced today that, through its affiliate companies, it will be coming to the domestic and international capital markets next week with its second securitization when NextStudent Master Trust I issues $1.4 billion in auction-rate student loan-backed notes.
J.P. Morgan Securities Inc. will be the lead investment banker on the deal. Co-managers include Goldman, Sachs & Co., Morgan Stanley & Co. Inc. and Banc of America Securities LLC.
"We look forward to the successful launch of our second securitization as NextStudent continues its transformation from a student loan scholarship search and marketing company to a full-service student loan finance company," says John F. (Jack) Wallace, III, Executive Vice President of Finance.
The proceeds from the securitization will be used to purchase federally guaranteed consolidation loans previously held in an asset-backed commercial paper conduit. An additional $350 million "will be used to provide additional student loan capital and purchase Federal Consolidation Loans originated during the next six months," according to Wallace.
J.P. Morgan Securities Inc. will be the lead investment banker on the deal. Co-managers include Goldman, Sachs & Co., Morgan Stanley & Co. Inc. and Banc of America Securities LLC.
"We look forward to the successful launch of our second securitization as NextStudent continues its transformation from a student loan scholarship search and marketing company to a full-service student loan finance company," says John F. (Jack) Wallace, III, Executive Vice President of Finance.
The proceeds from the securitization will be used to purchase federally guaranteed consolidation loans previously held in an asset-backed commercial paper conduit. An additional $350 million "will be used to provide additional student loan capital and purchase Federal Consolidation Loans originated during the next six months," according to Wallace.
No comments:
Post a Comment