Collegiate Funding Services, Inc. Closes Student Loan Asset-Backed Securities Offering
27 7월 2005 - 10:00PM
PR Newswire (US)
Collegiate Funding Services, Inc. Closes Student Loan Asset-Backed
Securities Offering FREDERICKSBURG, Va., July 27
/PRNewswire-FirstCall/ -- Collegiate Funding Services, Inc.
(NASDAQ:CFSI) today announced that it has closed an offering of
$1.3 billion in floating rate Student Loan Asset-Backed Notes.
(Logo: http://www.newscom.com/cgi-bin/prnh/20050714/DCTH039LOGO )
"The proceeds of this offering will be used to refinance
approximately $900 million in auction rate certificates remaining
under our privately placed master trust, Collegiate Funding
Services Education Loan Trust I," said J. Barry Morrow, president
and chief executive officer of Collegiate Funding Services, Inc.
"As a result of this financing, we have significantly reduced the
volatility of our long-term funding, while taking advantage of the
current favorable market for asset-backed issues. The additional
$400 million will be used to finance FFELP consolidation loans
currently outstanding in our warehouse facility." Collegiate
Funding Services Education Loan Trust 2005-B, a special purpose
vehicle created to securitize student loan assets, was the issuer
of the Notes. The details of the pricing of the Notes are as
follows: Class Par Amount Interest Rate Final Maturity Class A-1
Notes $423,000,000 3-month LIBOR plus 0.01% September 28, 2017
Class A-2 Notes $253,000,000 3-month LIBOR plus 0.10% December 28,
2021 Class A-3 Notes $218,000,000 3-month LIBOR plus 0.12% December
30, 2024 Class A-4 Notes $360,500,000 3-month LIBOR plus 0.16%
March 28, 2035 Class B Notes $45,500,000 3-month LIBOR plus 0.32%
March 28, 2035 TOTAL $1,300,000,000 All of the Class A Notes are
rated Aaa by Moody's Investors Service, Inc., AAA by Fitch Ratings
and AAA by Standard & Poor's Rating Services, a division of The
McGraw-Hill Companies, Inc. The Class B Notes are rated Aa1 by
Moody's Investors Service, Inc., AA+ by Fitch Ratings, and AA by
Standard & Poor's Rating Services, a division of The
McGraw-Hill Companies, Inc. As a result of this transaction, the
company will expense $4.3 million of unamortized note issuance
costs related to the auction rate certificates. The company expects
this expense to be offset over the next three years by the
elimination of the 25 basis point broker dealer fee incurred under
Education Loan Trust I and by a significant reduction in the
company's exposure to interest rate volatility. About Collegiate
Funding Services Collegiate Funding Services is a leading education
finance company dedicated to providing students and their families
with the practical advice and loan solutions they need to help
manage and pay for the cost of higher education. Collegiate Funding
Services also offers a comprehensive portfolio of education loan
products and services - including loan origination, loan servicing,
and campus-based scholarship and affinity marketing tools - to the
higher education community. As of March 31, 2005, Collegiate
Funding Services had facilitated the origination of more than $19
billion in education loans; the company currently manages more than
$11 billion in student loans for more than 445,000 borrowers. For
additional information, visit http://www.cfsloans.com/ or call
1-888-423-7562. Forward-Looking Statements This news release
includes "forward-looking statements" within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended. When used in this
release, the words "looking forward," "expects," "plans,"
"intends," "believes," "forecasts," or future or conditional verbs,
such as "will," "should," "could" or "may," and variations of such
words or similar expressions are intended to identify
forward-looking statements. Among the key factors that may have a
direct bearing on the company's operating results, performance, or
financial condition are (1) our ability to successfully implement
our private, in-school loan strategy; (2) changes in terms,
regulations, and laws affecting student loans and the educational
credit marketplace, (3) changes in the demand for educational
financing or in financing preferences of educational institutions,
students and their families, (4) changes in the credit quality or
performance of the loans that we purchase, retain and securitize or
(5) changes in interest rates and in the securitization or
secondary markets for education loans. Important factors that could
cause the company's actual results to differ materially from the
forward-looking statements the company makes in this release are
set forth in the company's filings with the Securities and Exchange
Commission, including in the section entitled "Risk Factors" in the
company's Quarterly Report on Form 10-Q for the Quarter Ended March
31, 2005. The company undertakes no obligation to update or revise
forward-looking statements which may be made to reflect events or
circumstances that arise after the date made or to reflect the
occurrence of unanticipated events unless the company has an
obligation to do so under the federal securities laws.
http://www.newscom.com/cgi-bin/prnh/20050714/DCTH039LOGODATASOURCE:
Collegiate Funding Services, Inc. CONTACT: Media, Ann Collier of
Collegiate Funding Services, Inc., +1-800-762-6441, ext. 5259, or ;
or Investors, Edward Nebb of Euro RSCG Magnet for Collegiate
Funding Services, +1-212-367-6848, or Web site:
http://www.cfsloans.com/
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