WASHINGTON - An insufficient number of institutional investors agreed to tender at less than par roughly $6 billion of outstanding taxable student-loan-related securities issued on behalf of the Brazos Higher Education Service Corp. before a preliminary deadline on Friday, casting a cloud over a proposed restructuring of the securities into term floating-rate notes.

Though it was unclear yesterday if the nonprofit student loan lender would still be able to go forward with the restructuring, since there were not enough tenders prior to Friday's "early consent" deadline, investors will now have until Dec. 4 to tender their securities, according to a statement released yesterday by Citigroup Inc., which is the manager of the transaction and Brazos' solicitation agent.

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