Nelnet (NNI) Terminates Replacement Capital Covenant On Certain Senior Notes
Nelnet, Inc. (NYSE: NNI) announced that its 5.125% Senior Notes due 2010 (CUSIP No. 64031NAA6), are no longer covered debt for purposes of the Company's Replacement Capital Covenant dated September 27, 2006. The Notes do not now qualify as covered debt under the Replacement Capital Covenant because the outstanding principal balance of the Notes is less than $100,000,000. Accordingly, the Replacement Capital Covenant no longer provides any benefit to the holders of the Notes.
In addition, the Company has no other eligible senior debt or eligible subordinated debt under the terms of the Replacement Capital Covenant. As a result, the Replacement Capital Covenant has terminated and the restrictions it placed on the Company's ability to purchase or redeem its 7.400% Fixed-to-Floating Rate Capital Efficient Notes are of no further force and effect.
In addition, the Company has no other eligible senior debt or eligible subordinated debt under the terms of the Replacement Capital Covenant. As a result, the Replacement Capital Covenant has terminated and the restrictions it placed on the Company's ability to purchase or redeem its 7.400% Fixed-to-Floating Rate Capital Efficient Notes are of no further force and effect.
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