SOURCE: First Cove Capital

August 23, 2010 08:00 ET

FinanSure Student Loan Master Trust I Retires All of Its Outstanding Auction Rate and Libor Notes

MARBLEHEAD, MA--(Marketwire - August 23, 2010) -  First Cove Capital, the owner of FinanSure Student Loan Master Trust I, today announced it has terminated the trust as a result of a successful tender offer. 

Through a combination of privately negotiated transactions, open market purchases and a tender offer, First Cove Capital has redeemed $528.05 million of notes. The notes, which were secured by a pool of student loans originated under the Federal Family Education Loan Program, had $435.80 million of senior auction rate notes, $85.00 million of subordinate auction rate notes, and $7.25 million of junior subordinate Libor notes.

"We are very pleased to provide liquidity for auction rate investors," said Stein Skaane, a partner of First Cove Capital. "With a high investor participation rate, we were able to balance the investors' price expectations versus the trust capital structure and intrinsic value of the underlying assets, thereby collapsing the entire trust," he continued. 

About First Cove Capital -- The firm and its affiliates provide advice and invest in student loan collateral, student loan securitizations and student loan ABS/ARS. 

Contact Information

  • Contact:
    First Cove Capital
    (978) 998-2272