<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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Date of Report (Date of earliest event reported) July 22, 1997
FIRST UNION STUDENT LOAN TRUST 1997-1
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Exact Name of Registrant as Specified in Its Charter)
Delaware 333-26405 22-1147033
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(State or Other Jurisdiction (Commission File Number) (IRS Employer
of Incorporation) Identification No.)
c/o The First National Bank of Chicago,
One First National Plaza,
Suite 0126, Chicago, IL 60670
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(Address of Principal Executive Offices) (ZIP Code)
(312) 407-4110
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(Registrant's Telephone Number, Including Area Code)
N/A
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(Former Name or Former Address, if Changed Since Last Report)
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ITEM 5. OTHER EVENTS.
On or about July 29, 1997, the Registrant will cause the issuance and sale
of approximately $405,596,574 initial principal amount of Floating Rate Asset
Backed Notes, Class A-1 and Class A-2 (the "Notes"), and Floating Rate Asset
Backed Certificates (the "Certificates" and, together with the Notes, the
"Securities"). The Notes will be issued pursuant to an Indenture, dated as of
July 1, 1997, between the Registrant and Bankers Trust Company, as indenture
trustee. The Certificates will be issued pursuant to a Trust Agreement, dated as
of July 1, 1997, between First Union National Bank and The First National Bank
of Chicago, as eligible lender trustee.
In connection with the sale of the Securities, the Registrant has been
advised by First Union Capital Markets Corp. that First Union Capital Markets
Corp. has furnished to prospective investors certain computational materials
(the "Computational Materials") with respect to the Securities following the
effective date of Registration Statement No. 333-26405, which Computational
Materials are being filed as an exhibit to this report.
The Computational Materials have been provided to the Registrant by First
Union Capital Markets Corp. The information in the Computational Materials is
preliminary and may be superseded by the final Prospectus relating to the
Securities and by any other information subsequently filed with the Securities
and Exchange Commission.
The Computational Materials were prepared by First Union Capital Markets
Corp., based on assumptions that differ from the assumptions set forth in the
Prospectus. The Computational Materials may not include, and do not purport to
include, information based on assumptions representing a complete set of
possible scenarios.
In addition, the actual characteristics and performance of the guaranteed
student loans underlying the Securities (the "Student Loans") may differ from
the assumptions used in the Computational Materials, which are hypothetical in
nature and which were provided to investors only to give a general sense of how
the yield, average life, duration and expected maturity characteristics of a
particular class of Securities might vary under varying prepayment and other
scenarios. Any difference between such assumptions and the actual
characteristics and performance of the Student Loans will affect the actual
yield, average life, duration and expected maturity characteristics of the
Securities.
2
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ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(a) FINANCIAL STATEMENTS.
Not applicable.
(b) PRO FORMA FINANCIAL INFORMATION
Not applicable
(c) EXHIBITS
EXHIBIT NO. DESCRIPTION
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99.1 Computational Materials
3
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
FIRST UNION STUDENT LOAN TRUST 1997-1
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(Registrant)
By: /s/ Robert A. Dressel
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Name: Robert A. Dressel
Title: Vice President
Date: July 23, 1997
4
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EXHIBIT INDEX
SEQUENTIALLY
EXHIBIT NO. DESCRIPTION NUMBERED PAGE
99.1 Computational Materials
<PAGE> 1
EXHIBIT 99.1
FIRST UNION STUDENT LOAN TRUST 1997-1
<TABLE>
<CAPTION>
DEC Table at 0% CPR DEC Table at 8% CPR DEC Table at 15% CPR
Distribution Distribution Distribution
Date A-1 A-2 B-1 Date A-1 A-2 B-1 Date A-1 A-2
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Closing 100.00% 100.00% 100.00% Closing 100.00% 100.00% 100.00% Closing 100.00% 100.00%
10/25/1997 97.67% 100.00% 100.00% 10/25/1997 95.53% 100.00% 100.00% 10/25/1997 93.54% 100.00%
01/25/1998 94.58% 100.00% 100.00% 01/25/1998 90.20% 100.00% 100.00% 01/25/1998 86.20% 100.00%
04/25/1998 91.07% 100.00% 100.00% 04/25/1998 84.35% 100.00% 100.00% 04/25/1998 78.32% 100.00%
07/25/1998 87.46% 100.00% 100.00% 07/25/1998 78.50% 100.00% 100.00% 07/25/1998 70.62% 100.00%
10/25/1998 83.61% 100.00% 100.00% 10/25/1998 72.45% 100.00% 100.00% 10/25/1998 62.81% 100.00%
01/25/1999 79.72% 100.00% 100.00% 01/25/1999 66.49% 100.00% 100.00% 01/25/1999 55.29% 100.00%
04/25/1999 75.71% 100.00% 100.00% 04/25/1999 60.61% 100.00% 100.00% 04/25/1999 48.06% 100.00%
07/25/1999 71.64% 100.00% 100.00% 07/25/1999 54.86% 100.00% 100.00% 07/25/1999 41.19% 100.00%
10/25/1999 67.53% 100.00% 100.00% 10/25/1999 49.26% 100.00% 100.00% 10/25/1999 34.67% 100.00%
01/25/2000 63.35% 100.00% 100.00% 01/25/2000 43.78% 100.00% 100.00% 01/25/2000 28.46% 100.00%
04/25/2000 59.08% 100.00% 100.00% 04/25/2000 38.41% 100.00% 100.00% 04/25/2000 22.56% 100.00%
07/25/2000 54.75% 100.00% 100.00% 07/25/2000 33.17% 100.00% 100.00% 07/25/2000 16.95% 100.00%
10/25/2000 50.40% 100.00% 100.00% 10/25/2000 28.09% 100.00% 100.00% 10/25/2000 11.66% 100.00%
01/25/2001 46.10% 100.00% 100.00% 01/25/2001 23.22% 100.00% 100.00% 01/25/2001 6.70% 100.00%
04/25/2001 41.79% 100.00% 100.00% 04/25/2001 18.50% 100.00% 100.00% 04/25/2001 2.03% 100.00%
07/25/2001 37.66% 100.00% 100.00% 07/25/2001 13.91% 100.00% 100.00% 07/25/2001 0.00% 95.08%
10/25/2001 33.57% 100.00% 100.00% 10/25/2001 9.48% 100.00% 100.00% 10/25/2001 0.00% 86.52%
01/25/2002 29.42% 100.00% 100.00% 01/25/2002 5.18% 100.00% 100.00% 01/25/2002 0.00% 78.43%
04/25/2002 25.24% 100.00% 100.00% 04/25/2002 0.98% 100.00% 100.00% 04/25/2002 0.00% 70.77%
07/25/2002 21.01% 100.00% 100.00% 07/25/2002 0.00% 93.63% 100.00% 07/25/2002 0.00% 63.57%
10/25/2002 17.00% 100.00% 100.00% 10/25/2002 0.00% 85.87% 100.00% 10/25/2002 0.00% 57.03%
01/25/2003 13.04% 100.00% 100.00% 01/25/2003 0.00% 78.44% 100.00% 01/25/2003 0.00% 50.94%
04/25/2003 9.08% 100.00% 100.00% 04/25/2003 0.00% 71.27% 100.00% 04/25/2003 0.00% 45.22%
07/25/2003 5.03% 100.00% 100.00% 07/25/2003 0.00% 64.46% 100.00% 07/25/2003 0.00% 39.94%
10/25/2003 1.00% 100.00% 100.00% 10/25/2003 0.00% 57.93% 100.00% 10/25/2003 0.00% 35.01%
01/25/2004 0.00% 93.64% 100.00% 01/25/2004 0.00% 51.56% 100.00% 01/25/2004 0.00% 30.35%
04/25/2004 0.00% 85.30% 100.00% 04/25/2004 0.00% 45.47% 100.00% 04/25/2004 0.00% 26.03%
07/25/2004 0.00% 77.10% 100.00% 07/25/2004 0.00% 39.65% 100.00% 07/25/2004 0.00% 22.02% Month
10/25/2004 0.00% 69.22% 100.00% 10/25/2004 0.00% 34.12% 100.00% 10/25/2004 0.00% 18.32% Called
01/25/2005 0.00% 61.80% 100.00% 01/25/2005 0.00% 29.07% 100.00% 01/25/2005 0.00% 15.02%
04/25/2005 0.00% 54.63% 100.00% 04/25/2005 0.00% 24.32% 100.00% 04/25/2005 0.00% 12.01%
07/25/2005 0.00% 47.55% 100.00% 07/25/2005 0.00% 19.89% 100.00% 07/25/2005 0.00% 9.24%
10/25/2005 0.00% 40.72% 100.00% 10/25/2005 0.00% 15.70% 100.99% Month 10/25/2005 0.00% 6.73%
01/25/2006 0.00% 35.01% 100.00% 01/25/2006 0.00% 12.22% 100.00% Called 01/25/2006 0.00% 4.68%
04/25/2006 0.00% 30.17% 100.00% 04/25/2006 0.00% 9.29% 100.00% 04/25/2006 0.00% 2.99%
07/25/2006 0.00% 25.35% 100.00% 07/25/2006 0.00% 6.48% 100.00% 07/25/2006 0.00% 1.42%
10/25/2006 0.00% 21.07% 100.00% 10/25/2006 0.00% 4.05% 100.00% 10/25/2006 0.00% 0.09%
01/25/2007 0.00% 17.78% 100.00% Month 01/25/2007 0.00% 2.18% 100.00% 01/25/2007 0.00% 0.00%
04/25/2007 0.00% 14.53% 100.00% Called 04/25/2007 0.00% 0.40% 100.00% 04/25/2007 0.00% 0.00%
07/25/2007 0.00% 11.40% 100.00% 07/25/2007 0.00% 0.00% 88.71% 07/25/2007 0.00% 0.00%
10/25/2007 0.00% 8.64% 100.00% 10/25/2007 0.00% 0.00% 75.79% 10/25/2007 0.00% 0.00%
01/25/2008 0.00% 6.13% 100.00% 01/25/2008 0.00% 0.00% 64.34% 01/25/2008 0.00% 0.00%
04/25/2008 0.00% 3.86% 100.00% 04/25/2008 0.00% 0.00% 54.24% 04/25/2008 0.00% 0.00%
07/25/2008 0.00% 2.28% 100.00% 07/25/2008 0.00% 0.00% 47.08% 07/25/2008 0.00% 0.00%
10/25/2008 0.00% 0.93% 100.00% 10/25/2008 0.00% 0.00% 41.02% 10/25/2008 0.00% 0.00%
01/25/2009 0.00% 0.08% 100.00% 01/25/2009 0.00% 0.00% 37.04% 01/25/2009 0.00% 0.00%
04/25/2009 0.00% 0.00% 94.04% 04/25/2009 0.00% 0.00% 33.56% 04/25/2009 0.00% 0.00%
07/25/2009 0.00% 0.00% 87.49% 07/25/2009 0.00% 0.00% 30.26% 07/25/2009 0.00% 0.00%
10/25/2009 0.00% 0.00% 81.08% 10/25/2009 0.00% 0.00% 27.14% 10/25/2009 0.00% 0.00%
01/25/2010 0.00% 0.00% 76.03% 01/25/2010 0.00% 0.00% 24.66% 01/25/2010 0.00% 0.00%
04/25/2010 0.00% 0.00% 71.09% 04/25/2010 0.00% 0.00% 22.30% 04/25/2010 0.00% 0.00%
07/25/2010 0.00% 0.00% 66.17% 07/25/2010 0.00% 0.00% 20.04% 07/25/2010 0.00% 0.00%
10/25/2010 0.00% 0.00% 61.25% 10/25/2010 0.00% 0.00% 17.85% 10/25/2010 0.00% 0.00%
01/25/2011 0.00% 0.00% 56.28% 01/25/2011 0.00% 0.00% 15.73% 01/25/2011 0.00% 0.00%
04/25/2011 0.00% 0.00% 51.24% 04/25/2011 0.00% 0.00% 13.66% 04/25/2011 0.00% 0.00%
07/25/2011 0.00% 0.00% 46.27% 07/25/2011 0.00% 0.00% 11.69% 07/25/2011 0.00% 0.00%
10/25/2011 0.00% 0.00% 41.56% 10/25/2011 0.00% 0.00% 9.19% 10/25/2011 0.00% 0.00%
01/25/2012 0.00% 0.00% 36.88% 01/25/2012 0.00% 0.00% 4.93% 01/25/2012 0.00% 0.00%
04/25/2012 0.00% 0.00% 32.42% 04/25/2012 0.00% 0.00% 0.00% 04/25/2012 0.00% 0.00%
07/25/2012 0.00% 0.00% 28.76% 07/25/2012 0.00% 0.00% 0.00% 07/25/2012 0.00% 0.00%
10/25/2012 0.00% 0.00% 25.10% 10/25/2012 0.00% 0.00% 0.00% 10/25/2012 0.00% 0.00%
01/25/2013 0.00% 0.00% 21.72% 01/25/2013 0.00% 0.00% 0.00% 01/25/2013 0.00% 0.00%
04/25/2013 0.00% 0.00% 18.48% 04/25/2013 0.00% 0.00% 0.00% 04/25/2013 0.00% 0.00%
07/25/2013 0.00% 0.00% 15.34% 07/25/2013 0.00% 0.00% 0.00% 07/25/2013 0.00% 0.00%
10/25/2013 0.00% 0.00% 12.23% 10/25/2013 0.00% 0.00% 0.00% 10/25/2013 0.00% 0.00%
01/25/2014 0.00% 0.00% 9.60% 01/25/2014 0.00% 0.00% 0.00% 01/25/2014 0.00% 0.00%
04/25/2014 0.00% 0.00% 5.00% 04/25/2014 0.00% 0.00% 0.00% 04/25/2014 0.00% 0.00%
07/25/2014 0.00% 0.00% 0.00% 07/25/2014 0.00% 0.00% 0.00% 07/25/2014 0.00% 0.00%
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</TABLE>
The attached is for information purposes only. Under no circumstances is it to
be used or considered an offer to sell, or a solicitation of an offer to buy any
security. Additional information is available upon request. Results based on
hypothetical projections or past performance have inherent limitations. There is
no certainty that the parameters and assumptions used can be duplicated. The
attached information has been prepared from original sources and data we believe
to be reliable but we make no representations as to its accuracy or
completeness. This document may not be reproduced in whole or in part or
otherwise made available without our written consent. This firm may from time to
time perform investment banking for, or solicit investment banking or other
business from, any company mentioned herein. We or our employees may from time
to time have long or short positions in any security discussed in the attached.
FIRST UNION CAPITAL MARKETS CORP.
