A pool of private student loans originated under New Hampshire's Granite Edvance Corp.'s EdvestinU Loan Program, will secure about $234.9 million in student loan revenue bonds from the Business Finance Authority of New Hampshire.
Through series 2026-A and 2026-B, NHBFA will issue eleven tranches of mostly fixed-rate notes. All the notes in the 2026-B series of notes are tax exempt, according to S&P Global Ratings.
NHBFA's senior bonds benefit from credit support levels ranging from 17.00% to 19.70%, based on its 'AA' stressed break-even cash flow.
RBC Capital Markets is the underwriter on the deal, which is expected to close on Oct. 7, 2026. Also, S&P assigned AA ratings to all classes of notes.
The deal is expected to have an initial parity of 117.69% and must achieve a minimum total parity of 120.0%--with minimum accrued net assets of $6 million—before excess revenue can be released from the deal, S&P said.
NHBFA 2026-A and 2026-B also has a revolving period that ends on July 1, 2027, when it can acquire newly originated loans if they conform to EdvestinU Loan Program's requirements, the rating agency said.
Interest will be paid semiannually on the first day of May and November, beginning on May 1, 2027, S&P finds.
The taxable series A bonds are composed of a taxable term bond maturing on Nov. 1, 2036, and taxable bond that matures on Nov. 1, 2046, the rating agency said.
The series of 2026-B bonds have maturities ranging from Nov. 1, 2029 through Nov. 1, 2046, the rating agency said.
While Granite Edvance originated the loans and will service them, Nelnet is the subservicer.
