State Board of Regents of the State of Utah (known as the Utah Board of Higher Education as of July 1, 2020) To Begin Negotiations With 2011-1 Noteholders

SALT LAKE CITY, Aug. 12, 2020 /PRNewswire/ -- Re: STATE BOARD OF REGENTS OF THE STATE OF UTAH STUDENT LOAN BACKED NOTES, SERIES 2011-1 (TAXABLE LIBOR-INDEXED NOTES) (the "2011-1 Notes")

The State Board of Regents of the State of Utah (known as the Utah Board of Higher Education as of July 1, 2020) (the "Board") is planning to enter into negotiations with one or more institutional holders of the 2011-1 Notes to solicit their consent to a potential amendment of the indenture documents under which the 2011-1 Notes were issued (the "Indenture") which amendment would allow the release of student loans pledged under the Indenture resulting in an early redemption of the 2011-1 Notes. Following these negotiations, the Board may initiate a formal solicitation of consent from a majority of holders of the 2011-1 Notes necessary to amend the Indenture. The Indenture amndments would permit the release of student loans pledged under the Indenture and delineate the process for an early redemption of the 2011-1 Notes.

Any formal solicitation will be made only in accordance with the terms and conditions of a written Consent Solicitation Statement that will be available to all holders of the 2011-1 Notes. There is no assurance that the Board will reach a mutually acceptable understanding with the holders of the 2011-1 Notes or that the 2011-1 Notes ultimately will be retired.

At or about the time of such negotiations and solicitation, the Board may also enter into discussions with institutional holders of the other Bonds issued under the Indenture regarding possible repurchase options.  No assurance can be given that any discussions will be held or repurchase options implemented.

Contact:
Salim Mawani
[email protected]

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SOURCE The State Board of Regents of the State of Utah

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