Higher Education Loan Authority of the State of Missouri Announces Extension of Expiration Time to the Tender Offer with Respect to Certain of its Student Loan Auction Rate Bonds

ST. LOUIS, April 5, 2012 /PRNewswire/ -- The Higher Education Loan Authority of the State of Missouri (the "Authority") today announced that it has extended the expiration time of its previously announced offer (the "Offer") to purchase its student loan auction rate bonds (the "Auction Rate Bonds") issued pursuant to the Authority's Eleventh General Student Loan Program Bond Resolution adopted on February 4, 1994 (as amended and supplemented by the First through Thirty-Second Supplemental Resolutions thereto, collectively, the "Resolution"), pursuant to which Wells Fargo Bank, National Association acts as trustee (the "Trustee").  The expiration time of the Offer to purchase Auction Rate Bonds for aggregate cash consideration up to $125,000,000 (or such greater or lesser amounts as may be available therefor), upon the terms and subject to the conditions set forth in the Offer to Purchase dated March 16, 2012 (the "Offer to Purchase") has been extended from 5:00 p.m., Eastern Time, on April 5, 2012 to 5:00 p.m., Eastern Time, on April 12, 2012, unless further extended or terminated by the Authority (the "Expiration Time").  Other than the extension of the Expiration Time, all of the other terms and conditions of the Offer remain unchanged.  Tendered Auction Rate Bonds may not be withdrawn. 

Senior Auction Rate Bonds (as defined in the Offer to Purchase), the interest on which is taxable, in an aggregate principal amount of $32,100,000 were tendered at tender prices not higher than the applicable maximum tender price set forth in the Offer on or prior to 5:00 p.m., Eastern Time on April 5, 2012.  No other Auction Rate Bonds had been tendered by such time.

The Authority's obligation to purchase Auction Rate Bonds in the Offer is subject to the terms and conditions set forth in the Offer to Purchase and requires the satisfaction or waiver of a number of conditions specified therein. The Authority reserves the right to amend, modify or withdraw the Offer at any time, and to reject any tender, in whole or in part, for any reason. The Authority may not purchase all Auction Rate Bonds tendered for purchase pursuant to the Offer. The Auction Rate Bonds to be purchased, if any, will be selected as described in the Offer to Purchase. The Authority will promptly return any Auction Rate Bonds that are not accepted for purchase by the Authority in the Offer.

Morgan Stanley & Co. LLC is the dealer manager for the tender offer. 

D.F. King & Co., Inc. is the information agent and tender agent.  Holders or their representatives may request copies of the Offer to Purchase, which contains the full terms and conditions of the Offer, and the related documents, and submit any questions or requests for assistance to:

This press release is for informational purposes only and is neither an offer to purchase nor the solicitation of an offer to sell with respect to any Auction Rate Bonds.  The Offer is being made solely pursuant to the terms of the Offer to Purchase and other related documents forwarded to holders of the Auction Rate Bonds.  These tender offer materials contain certain important information that holders are urged to read carefully before making any decision with respect to the Offer. The Offer is not being made to holders of Auction Rate Bonds in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction.

About the Higher Education Loan Authority of the State of Missouri

The Authority is one of the largest student loan companies dedicated to providing excellence in student loan servicing in America and is a leading holder and secondary market of student loans with more than $4 billion in assets.  For over 30 years, students, families and schools have come to depend and rely on the Authority to assist them with the servicing needs of their student loans and have come to expect the highest levels of service we have consistently provided to enable them to successfully complete postsecondary educational programs.

Forward-Looking Statements

Forward-looking statements in this press release, such as the scheduled expiration of the Offer, are based on current expectations.  This press release contains forward-looking statements that involve a variety of business risks and other uncertainties that could cause actual results to differ materially.  Words such as "expects," "intends," "plans," "projects," "believes," "estimates" and similar expressions are used to identify these forward-looking statements.  These statements are not guarantees of future performance and involve risks, uncertainties, and assumptions that are difficult to predict.  Forward-looking statements are based upon assumptions as to future events that may not prove to be accurate.  Actual outcomes and results may differ materially from what is expressed or forecast in these forward-looking statements.  Forward-looking statements speak only as of the date made.  There is no obligation to update any forward-looking statements to reflect the events or circumstances arising after the date as of which they are made.  As a result of these risks and uncertainties, readers are cautioned not to place undue reliance on the forward-looking statements included in this release or that may be made elsewhere from time to time by, or on behalf of, the Authority.

SOURCE Higher Education Loan Authority of the State of Missouri