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First Marblehead sells $59.8 million in shares

By Associated Press
June 26, 2008 | Comments (0)

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First Marblehead Corp. sold $59.8 million in convertible preferred shares to affiliates of a Goldman Sachs investment unit.

GS Capital Partners converted the preferred shares into 5.3 million shares of common stock in the student-loan services provider.

The investment group still requires regulatory approvals before the deal can close.

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