Educational Finance Group, the rapidly growing student-loan unit of Dallas-based UICI, will enter the term market for the first time, and become a quarterly player in the public asset-backed market after a deal is plucked from its $1 billion shelf registration filing later this year.

EFG recently closed a $515 million funding of its $650 million single seller asset-backed commercial paper conduit facility. Lehman Brothers and Banc of America Securities were named as dealers. Banc of America was also providing liquidity support of more than $650 million for the program.

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