Business
SLM Corporation Prices Public Offering of Senior Notes
NEWARK, Del.--(BUSINESS WIRE)-- Sallie Mae® (NASDAQ: SLM), formally SLM Corporation, today announced that it priced its public offering of $500 million
About this update from Slm Corporation
[{"type":"text","content":" NEWARK, Del.--(BUSINESS WIRE)--\nSallie Mae® (NASDAQ: SLM), formally SLM Corporation, today announced that it priced its public offering of $500 million aggregate principal amount of 4.200% Senior Notes due 2025 (the “Senior Notes”) at par.\n\nJ.P. Morgan Securities LLC and RBC Capital Markets, LLC are acting as joint book-running managers. Barclays Capital Inc. and Goldman Sachs & Co. LLC are acting as co-managers. The Senior Notes are expected to be issued on October 29, 2020, subject to customary closing conditions. SLM Corporation intends to use part of the net proceeds from the offering to fund a tender offer for up to 2,000,000 shares of its outstanding Floating Rate Non-Cumulative Preferred Stock, Series B, par value $.20 per share (the “SLM Corporation Series B Preferred Stock”), at an expected offer price of $45.00 per share, plus accrued and unpaid dividends, if any, and to use the remaining proceeds for general corporate purposes, which may include the repayment of debt and future share repurchase programs.\n\nThe offering is being made only by means of a prospectus and related prospectus supplement. A copy may be obtained by contacting one of the following:\n\nJ.P. Morgan Securities LLC\n383 Madison Ave\nNew York, NY 10179\n1-212-834-4533\n\nRBC Capital Markets, LLC\nBrookfield Place\n200 Vesey Street, 8th floor\nNew York, NY 10281\n1-866-375-6829\n\nAn effective registration statement is on file with the SEC, and a copy of the base prospectus and related prospectus supplement will also be available on the SEC’s website at www.sec.gov.\n\nThis press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.\n\nAdditional Information Regarding the Tender Offer\n\nThe tender offer described in this communication (the “Offer”) has not yet commenced. This communication is for informational purposes only. This communication is not a recommendation to buy or sell SLM Corporation Series B Preferred Stock or any other securities, and it is neither an offer to purchase nor a solicitation of an offer to sell SLM Corporation Series B Preferred Stock or...