Educational Funding of the South (Edsouth) is in the market with its 2011-1 Series FFELP-backed student loan ABS deal. The offering is divided into Class A-1 and A-2 as well as Class B notes, which amount to around $1.6 billion ,according to a presale report released by Moody's Investor Service.
The rating agency noted the expertise and experience of Edfinancial Services, Great Lakes Educational Loan Services, The Student Loan Corp., and the Pennsylvania Higher Education Assistance Agency (PHEAA) as servicers of the trust student loans. PHEAA will be the named back-up servicer for Edfinancial.
In related company news, Educational Funding of the South has commenced offers to exchange and to tender for cash certain outstanding Florida Educational Loan Revenue Bonds that was issued under the Indenture of Trust, dated as of September 1, 2003, between Edsouth and Wells Fargo Bank, National Association serving as successor trustee.
