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Nelnet hikes tender offer consideration

Nelnet Inc. increased the total consideration payable in its cash tender offer to buy any and all of its outstanding 7.400% fixed-to-floating rate capital efficient notes to $840.00 per $1,000 principal amount of notes tendered.

The initial consideration was $800 per $1,000 principal amount of notes tendered, including $50 per $1,000 principal amount of notes tendered as the consent payment.

Nelnet said $200 million in aggregate principal amount of the notes is currently outstanding. A holder of approximately $14.5 million aggregate principal amount of the notes will participate in the offer at the increased total consideration. Affiliates of the company hold approximately $150 million of the outstanding principal amount of the notes, and will be excluded from tendering their notes pursuant to the offer.

The tender offer is scheduled to expire Feb. 17 at 11:59 p.m. ET. Tendered notes may be withdrawn at any time prior to 5 p.m. ET on Feb. 3.

Goldman Sachs & Co. is still the dealer manager for the offer and solicitation agent for the consent solicitation. Global Bondholder Services Corp. will act as the information agent and depositary for the offer.