Higher Education Loan Authority of the State of Missouri (MOHELA) is in the market with its SLABS series 2011-1 worth $579 million. Fitch Ratings has assigned provisional ratings of 'AAA' to the student loan deal.
According to a Fitch presale report, the series 2011-1 notes will be issued pursuant to an indenture trust dated June 1 between MOHELA and U.S. Bank, National Association, which is the trustee on the deal.
The proceeds from the FFELP-backed offering will be for refunding all the outstanding notes previously issued under the 2008 indenture. They will also be for buying loans from the MOHELA general fund as well as from third-party lenders.