GCO Education Loan Funding Master Trust-II has made a tender offer to purchase certain outstanding senior auction rate bonds at a discount.
This is in an effort to inject liquidity into the market and improve the financial health of the trust, according to a release from GCO Education Loan Funding Corp., which administers the trust.
The bonds it has offered to purchase are certain outstanding senior auction rate student loan asset-baked notes, series 2006-2 and series 2007-1, in the following classes: A-1AR, A-2AR, A-3AR, A-4AR, A-5AR, A-6AR, and A-7AR for aggregate cash consideration not to exceed $40,000,000.
The offer expires at 5 p.m. on Aug. 5, unless it is extended or earlier terminated.