Via underwriter Citibank/ Salomon Smith Barney, the National Education Loan Network (NELnet) closed its second student loan net interest margin, a $60 million deal that priced at undisclosed terms on Dec. 27.

As in its previous student loan NIM (dubbed SLIM), MBIA wrapped the transaction to a triple-A, rated by Standard & Poor's and Fitch. Interestingly, this most recent NIM monetizes the residuals of a securitization trust NELnet took ownership of when it acquired EFS in late 2001. EFS, a student lender, is parent company of EFS Services and EFS Finance Company.

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