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First Marblehead sells $59.8 million in shares



By AP
26 June 2008 @ 04:59 pm EST

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

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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.

Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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