Sallie Mae Commences Tender Offer to Purchase Up to 2,000,000 Shares of its Floating Rate Non-Cumulative Preferred Stock Series B

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[{"type":"text","content":" NEWARK, Del.--(BUSINESS WIRE)--\nSallie Mae® (Nasdaq: SLM), formally SLM Corporation, announced today the commencement of a cash tender offer (the “Offer”) to purchase up to 2,000,000 shares (the “Maximum Share Amount”) of its Floating Rate Non-Cumulative Preferred Stock, Series B, par value $0.20 per share (the “Securities”).\n\n\n\n\nSeries of Securities\n\n\n\n\nCUSIP\nNo.\n\n\n\n\n \n\n\nLiquidation\nPreference\nPer Share\n\n\n\n\nAggregate\nLiquidation\nPreference\nOutstanding\n\n\n\n\nOffer\nPrice\n\n\n\n\n\nFloating Rate Non-Cumulative\nPreferred Stock, Series B, par\nvalue $0.20 per share\n\n\n\n\n78442P502\n\n\n\n\n$100\n\n\n\n\n$400,000,000\n\n\n\n\n$45 per\nshare\n\n\n\n\nThe Offer will expire on Nov. 24, 2020 at 11:59 p.m., New York City time, unless the Company extends it (such time and date, as the same may be extended, the “Expiration Date”).\n\nThe consideration for each Security tendered and accepted for purchase pursuant to the Offer will equal $45 (the “Offer Price”), plus Accrued Dividends. As used in the Offer to Purchase (as defined below) “Accrued Dividends” means, for each Security, accrued and unpaid dividends, if any, from the last dividend payment date with respect to such Security up to, but not including, the Settlement Date (as defined below) of the Offer, assuming for the purposes of the Offer that such a dividend for such Security had, in fact, been declared during such period.\n\nIf the aggregate number of Securities that are validly tendered and not properly withdrawn as of the Expiration Date (the “Total Tendered Amount”) exceeds the Maximum Share Amount, the Company will accept for purchase that number of Securities that does not result in the Total Tendered Amount exceeding the Maximum Share Amount. In that event, the Securities accepted for purchase will be subject to proration, as described in the Offer to Purchase.\n\nThe Company will pay the purchase price for the Securities it purchases promptly after the Expiration Date and the acceptance of the Securities for purchase. The date on which such payment is made is referred to as the “Settlement Date.”\n\nSecurities tendered pursuant to the Offer may be validly withdrawn at any time on or prior to the Expiration Date by following the procedures described in the Offer to Purchase.\n\nThe terms and conditions of the Offer are described in th...

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