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Goldman Sachs to Invest in First Marblehead

BOSTON
Fri Dec 21, 2007 6:01pm EST

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BOSTON (Reuters) - Goldman Sachs Capital Partners (GS.N) will invest up to $260.5 million in First Marblehead Corp (FMD.N), the ailing securitizer of loans for education, First Marblehead said on Friday.

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Goldman Sachs, the world's biggest securities firm, will own 19.99 percent of Boston-based First Marblehead's outstanding shares.

First Marblehead also said it will eliminate its regular quarterly cash dividend for the foreseeable future.

(Reporting by Svea Herbst-Bayliss; Editing by Jeffrey Benkoe)
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