Education Loans Incorporated Announces Completion of Debt Tender and Exchange Offer

ABERDEEN, S.D.--()--Education Loans Incorporated (the “Company”) announced today the completion of the previously announced debt tender and exchange offers (the “Offers”) by the Company, EdLinc Student Loan Funding Trust 2012-1 and EdLinc Student Loan Funding Trust 2012-A for all of the Company’s outstanding senior and subordinated notes pursuant to the terms and conditions of the Offers as described in the Tender and Exchange Offer Statement dated as of October 4, 2012 and the related Letter of Transmittal that were previously transmitted to eligible holders of the Notes. The Offers expired at 5:00 p.m., New York City time, on November 7, 2012 (the “Expiration Date”).

As of the Expiration Date, the Company received and accepted tenders for the following series of outstanding notes: Tax Exempt Fixed Rate Student Loan-Backed Callable Notes; Senior Series 1998-1F ($205,000 tendered), Tax Exempt Fixed Rate Student Loan-Backed Callable Notes, Subordinate Series 1998-1K ($9,210,000 tendered); Tax Exempt Auction Rate Student Loan Asset-Backed Callable Notes, Senior Series 1998-1D (none tendered), Taxable Auction Rate Student Loan Asset-Backed Callable Notes, Senior Series 1998-1H ($44,400,000 tendered); Student Loan Asset-Backed Notes, Senior Series 1999-1A ($36,350,000 tendered); Student Loan Asset-Backed Notes, Senior Series 2001-1 ($70,850,000 tendered); Student Loan Asset- Backed Notes, Senior Series 2002-1($94,550,000 tendered); Student Loan Asset-Backed Notes, Senior Series 2003-1 ($54,600,000 tendered); Student Loan Asset-Backed Notes, Senior Series 2004-1($99,550,000 tendered); Student Loan Asset-Backed Notes, Senior Series 2004-C ($115,150,000 tendered); Student Loan Asset-Backed Notes, Subordinate Series 1999-1C ($4,100,000 tendered); Student Loan Asset-Backed Notes, Subordinate Series 2001-1C ($17,100,000 tendered); Student Loan Asset-Backed Notes, Subordinate Series 2002-1C ($20,250,000 tendered); Student Loan Asset-Backed Notes, Subordinate Series 2003-1D($12,650,000 tendered); Student Loan Asset-Backed Notes, Subordinate Series 2004-B1($13,500,000 tendered); Student Loan Asset-Backed Notes, Subordinate Series 2004-D ($11,100,000 tendered) (such series are collectively referred to as the “Notes”).

The Company has completed arrangements to redeem any untendered Notes and defease the indentures under which the Notes were issued.

RBC Capital markets, LLC acted as the Exchange Offer Dealer Manager and Dougherty & Company LLC acted as the Cash Tender Offer Dealer Manager. The Depositary and Exchange Agent for the offers is Wells Fargo Bank, National Association.

This announcement is neither an offer to purchase nor the solicitation of an offer to sell any of the securities described herein, nor shall there be any offer or sale of such securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The tender and exchange offer is made solely pursuant to the Tender and Exchange Offer Statement dated October 4, 2012 and the related Letter of Transmittal.

Contacts

Education Loans Incorporated
Steve Kohles, 605-622-4593