Nelnet, Inc. - 8K - 09/20/06
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
————————————
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of The Securities Exchange Act of
1934
Date
of Report (Date of earliest event reported):
September
20, 2006
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NELNET,
INC.
(Exact
name of registrant as specified in its charter)
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Nebraska
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001-31924
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84-0748903
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(State
or other jurisdiction
of
incorporation)
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(Commission
File Number)
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(I.R.S.
Employer Identification No.)
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121
South 13th Street
Suite
201
Lincoln,
Nebraska
(Address
of principal executive offices)
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68508
(Zip
code)
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Registrant’s
telephone number, including area code: (402) 458-2370
Not
Applicable
(Former
name or former address, if changed since last report)
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Check
the appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
[ ]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act
(17 CFR 240.14d-2(b))
[ ]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act
(17 CFR 240.13e-4(c))
Item
8.01 Other
Events.
Nelnet,
Inc. currently is marketing a public offering of Fixed-to-Floating Rate Capital
Efficient Notes.
As
we have
disclosed in our annual report on Form 10-K for the year ended December 31,
2005, the derivative instruments we utilize to manage interest rate sensitivity
do not qualify for hedge accounting under SFAS No. 133, and, consequently,
the
mark-to-market adjustments to reflect the change in fair value of these
derivative instruments is included in our operating results. Shifts in the
forward yield curve can significantly impact the valuation of our derivatives.
Such shifts have had a non-cash negative impact on our GAAP results of
operations during certain quarters in the past. This also has been the case
to date in the third quarter. As a result of mark-to-market adjustments to
our
derivative portfolio, we may incur a GAAP net loss for the third quarter.
However, the mark-to-market adjustments
do
not have any impact on our base net income or adjusted base net
income.
SIGNATURE
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.
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NELNET,
INC.
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Dated:
September 21, 2006
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By:
/s/ Terry
Heimes
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Name: Terry Heimes
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Title: Chief Financial Officer
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