CANYON, Texas, Nov. 14, 2019 /PRNewswire/ -- In light of changes in federal law and student loan origination activity, Panhandle Plains Higher Education Authority, Inc. (the "Authority") is considering changing its purpose from a secondary market for federally guaranteed student loans to a charitable foundation. In connection with this conversion, Panhandle is exploring the feasibility and benefits of selling its entire loan portfolio and retiring all or a portion of its outstanding debt, including the above-referenced bonds (the "Bonds").
Commencing on November 19, 2019, the Authority intends to enter into discussions with one or more market participants to discover these participants' views and analysis of market value of the Series 2011-1 A-3 Bonds. These discussions may lead to a formal solicitation process to seek the majority consent of the Bondholders to a modification of the indenture that would allow an early call of the Bonds. Any formal solicitation, if made, would only be made in accordance with the terms and conditions of a Consent Solicitation Statement which would be forwarded to the Bondholders.
James B. Parker