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Educational Funding of the South, Inc., Tennessee

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Educational Funding of the South, Inc., Tennessee $859,170,000 Student Loan Asset-Backed Notes, 2011-1 Series EducAtional FuNdiNg oF thE South, Inc. Educational Funding of the South, Inc. (“We,” the “Corporation,” “EFS” or the “Issuer”), a nonprofit, public-benefit corporation incorporated under the laws of the State of Tennessee, is offering $859,170,000 aggregate principal amount of its Student Loan Asset-Backed Notes, 2011-1 Series, as Class A-1 Notes and Class A-2 Notes (collectively, the “Class A Notes”) and Class B Notes (the “Class B Notes” and together with the Class A Notes, the “Notes”), in the principal amounts set forth below: original Principal interest Stated Maturity Expected Ratings class Amount Rate date S&P/Moody’s/Fitch* A-1 Notes† $372,277,000 3 Month LIBOR + 0.55% per annum October 25, 2021 AAA(sf)/Aaa/AAA A-2 Notes‡ $449,950,000 3 Month LIBOR + 0.65% per annum April 25, 2035 AAA(sf)/Aaa/AAA B Notes‡ $ 36,943,000 3 Month LIBOR + 3.70% per annum** April 25, 2046 NR/A2/A * See the heading “RATINGS” herein. † Offered to institutional investors ‡ Offered for exchange only to existing institutional holders of certain Existing Bonds (as defined herein). “NR” Means not rated ** Subject to the Class B Interest Cap (as defined herein) The above-captioned Notes are being issued by the Corporation pursuant to an Indenture, dated as of March 1, 2011 (the “Indenture”), among the Corporation, Wells Fargo Bank, National Association, as trustee (the “Trustee”) and The Bank of New York Mellon Trust Company, N.A., as eligible lender trustee (the “Eligible Lender Trustee”). The proceeds from the sale of the Class A-1 Notes (the “Offered Notes”) will be used to purchase certain Existing Bonds tendered in a tender for cash offering as described herein (the “Note Offering”). The Class A-2 Notes and the Class B Notes (the “Exchange Notes”) are being offered directly to existing institutional holders of certain Existing Bonds in an exchange offer as described herein (together with the tender for cash offered described above, the “Tender Offer”). The cancellation of the Existing Bonds that result from the tender for cash and exchange described above will result in the release of certain collateral held under the Existing Indenture (as defined herein) that will be pledged under the Indenture. The Notes will be secured under the Indenture by a pool of student loans made under the Federal Family Education Loan Program (the “FFELP”), rights the Corporation has under certain agreements, a Debt Service Reserve Fund, a Capitalized Interest Fund (each as defined herein) and the other moneys and investments pledged to the Trustee under the Indenture. The interest rate on the Notes is LIBOR-based. A description of how LIBOR is determined appears under “DESCRIPTION OF THE NOTES--Determination of LIBOR” herein. The Notes will receive quarterly distributions of principal and interest on the 25th day (or the next Business Day (as defined herein) if such day is not a Business Day) of each January, April, July and October as described in this Offering Memorandum, beginning July 25, 2011. In general, the Notes will receive payments of principal sequentially to the Class A Notes (in numerical order of the Tranche (as defined herein) designation) and the Class B Notes, in that order, until each such Class is paid in full and payments of interest will be sequentially to the Class A Notes (ratably across both Tranches of the Class A Notes) and the Class B Notes (subject to the Class B Interest Cap (as defined herein)). Credit enhancement for the Notes will consist of overcollateralization, excess interest on the Financed Student Loans (as defined herein) and cash on deposit in the Debt Service Reserve Fund and the Capitalized Interest Fund. The Notes are not insured or guaranteed by any government agency or instrumentality, by any insurance company, or by any other person or entity. It is a condition to the issuance of the Notes that (i) each Tranche of Class A Notes be rated “Aaa” by Moody’s Investors Service, Inc. (“Moody’s”), “AAA(sf)” by Standard & Poor’s Financial Services LLC, a subsidiary of The McGraw-Hill Companies, Inc. (“S&P”) and “AAA” by Fitch, Inc., Fitch Ratings Ltd., their subsidiaries and their successors and assigns (“Fitch”) and (ii) the Class B Notes be rated at least “A2” by Moody’s and “A” by Fitch. Potential investors should carefully review the risk factors listed under “RISK FACTORS” herein. thE NotES ARE LiMitEd oBLigAtioNS oNLY oF thE coRPoRAtioN PAYABLE SoLELY FRoM ANd SEcuREd SoLELY BY thE tRuSt EStAtE cREAtEd uNdER thE iNdENtuRE dEScRiBEd hEREiN. thE coRPoRAtioN hAS No tAXiNg PoWER. thE NotES do Not coNStitutE A dEBt, LiABiLitY oR oBLigAtioN, oR A PLEdgE oF thE FuLL FAith ANd cREdit oR thE tAXiNg PoWER, oF thE StAtE oF tENNESSEE oR ANY oF itS AgENciES oR PoLiticAL SuBdiViSioNS. We are offering the Notes subject to approval of certain legal matters by our counsel, Nixon Peabody LLP, New York, New York. The Placement Agent identified below has agreed to solicit offers to purchase the Offered Notes. The Exchange Notes are being offered for exchange for Existing Bonds (as defined herein) through the Tender Offer described herein. The Notes are being offered, subject to prior sale and to the right of the Issuer, the Dealer Managers identified below or the Placement Agent to withdraw, cancel or modify such offer and to reject orders in whole or in part. The Notes will be delivered in book-entry only form through the facilities of The Depository Trust Company on or about May 9, 2011. Morgan Stanley RBc capital Markets (as a dealer Manager for the tender offer and as (as a dealer Manager for the tender offer) the Placement Agent for the Note offering) Dated: May 3, 2011 TABLE OF CONTENTS SUMMARY OF TERMS .............................................................................................................................................. 1 RISK FACTORS ......................................................................................................................................................... 12 INTRODUCTION ....................................................................................................................................................... 25 DESCRIPTION OF THE NOTES ............................................................................................................................... 26 General .................................................................................................................................................................... 26 Interest Payments ..................................................................................................................................................... 26 Distributions of Principal ......................................................................................................................................... 28 Optional Redemption ............................................................................................................................................... 29 Mandatory Redemption ........................................................................................................................................... 29 Mandatory Auction .................................................................................................................................................. 30 Determination of LIBOR ......................................................................................................................................... 30 Prepayment, Yield and Maturity Considerations ..................................................................................................... 31 CONDITIONS OF THE RESTRUCTURING TRANSACTIONS ............................................................................. 32 General .................................................................................................................................................................... 32 Allocation of Pledged Assets ................................................................................................................................... 33 Fees and Expenses ................................................................................................................................................... 34 SOURCES AND USES ............................................................................................................................................... 35 THE TRUST ESTATE ................................................................................................................................................ 35 General .................................................................................................................................................................... 35 The Collection Fund ................................................................................................................................................ 36 Flow of Funds .......................................................................................................................................................... 36 The Department Reserve Fund ................................................................................................................................ 38 The Capitalized Interest Fund .................................................................................................................................. 38 The Debt Service Reserve Fund .............................................................................................................................
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