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Sallie Mae Announces Final Results and Expiration of Tender Offer for Its 3.125% Senior Notes Due 2026
NEWARK, Del., May 12, 2026--Sallie Mae® (Nasdaq: SLM), formally SLM Corporation ("SLM" or the "Company"), announced today the final results and expiration of its previously announced cash tender offer (the "Tender Offer") to purchase any and all of its outstanding 3.125% senior notes (the "Notes") upon the terms and conditions described in the Company’s Offer to Purchase, dated May 6, 2026 (the "Offer to Purchase"). Capitalized terms used and not defined herein shall have the meaning ascribed to
About this update from Slm Corporation
NEWARK, Del., May 12, 2026--(BUSINESS WIRE)--Sallie Mae® (Nasdaq: SLM), formally SLM Corporation ("SLM" or the "Company"), announced today the final results and expiration of its previously announced cash tender offer (the "Tender Offer") to purchase any and all of its outstanding 3.125% senior notes (the "Notes") upon the terms and conditions described in the Company’s Offer to Purchase, dated May 6, 2026 (the "Offer to Purchase"). Capitalized terms used and not defined herein shall have the meaning ascribed to them in the Offer to Purchase. As of 5 p.m., New York City time, on May 12, 2026, the Expiration Time for the Tender Offer, the Company had received tenders for an aggregate principal amount of $448,412,000 of Notes outstanding, or 89.68% of the aggregate principal amount of Notes outstanding. These amounts exclude $226,000 aggregate principal amount of Notes that remain subject to the guaranteed delivery procedures described in the Offer to Purchase and the Notice of Guaranteed Delivery. In accordance with the terms of the Tender Offer, the Company will pay the Purchase Price for the Notes validly tendered prior to the Expiration Time or pursuant to the Notice of Guaranteed Delivery on May 15, 2026 (the "Settlement Date"). The Purchase Price for the Notes is $995.83 for each $1,000 principal amount of Notes validly tendered and accepted for purchase pursuant to the Tender Offer, plus accrued and unpaid interest on such Notes from the last interest payment date up to, but not including, the Settlement Date. For the avoidance of doubt, interest on the Notes will cease to accrue on the Settlement Date for all Notes accepted in the Tender Offer. All Notes purchased on the Settlement Date will subsequently be cancelled. There can be no assurance that any Notes will be purchased. The Tender Offer is being made in connection with a contemporaneous offering of senior debt securities by the Company on terms and conditions (including, but not limited to, the amount of proceeds raised in such offering) satisfactory to the Company (the "New Notes Offering"). The Tender Offer is not conditioned upon any minimum amount of Notes being tendered. The Tender Offer may be amended, extended, terminated or withdrawn. Proceeds from the New Notes Offering will be used to repurchase Notes pursuant to ...