Mississippi Higher Education eyes $397 million offering of student loan asset-backed notes

By Cristal Cody

Tupelo, Miss., July 17 – Mississippi Higher Education Assistance Corp. is set to offer $397 million of student loan asset-backed notes in two tranches, according to a preliminary offering memorandum.

The series 2014 taxable Libor-indexed floating-rate notes part includes $387 million of series 2014A-1 notes due Oct. 25, 2035 (/AA+/AAA).

The $10 million tranche of non-rated series 2014B-1 bonds due May 25, 2044 initially will be held by the corporation.

BofA Merrill Lynch will manage the negotiated sale.

The proceeds from the deal will be used to refinance eligible loans held by or for the benefit of the corporation.

The transaction is expected to close on July 29.

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