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Sallie Mae Announces Tender Offer for Its 3.125% Senior Notes Due 2026
NEWARK, Del.--(BUSINESS WIRE)-- Sallie Mae® (Nasdaq: SLM), formally SLM Corporation (“SLM” or the “Company”) announced today the commencement of a cash
About this update from Slm Corporation
NEWARK, Del.--(BUSINESS WIRE)-- Sallie Mae® (Nasdaq: SLM), formally SLM Corporation (“SLM” or the “Company”) announced today the commencement of a 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”). Certain information regarding the Notes and the U.S. Treasury Reference Security, the Bloomberg reference page and the fixed spread is set forth in the table below. Title of Security CUSIP/ISIN Number Principal Amount Outstanding U.S. Treasury Reference Security Bloomberg Reference Page Fixed Spread (basis points) 3.125% Senior Notes due 2026(1) 78442P GE0 / US78442PGE07 $500,000,000 4.125% U.S. Treasury due October 31, 2026 FIT 3 +25 ______ (1) The Notes will mature on Nov. 2, 2026. The “Purchase Price” for each $1,000 principal amount of the Notes validly tendered, and not validly withdrawn, and accepted for purchase pursuant to the Tender Offer will be determined in the manner described in the Offer to Purchase by reference to the fixed spread specified above plus the yield based on the bid-side price of the U.S. Treasury Reference Security specified above, as quoted on the Bloomberg Bond Trader FIT 3 series of pages, at 2 p.m. New York City time, on May 12, 2026, the date on which the Tender Offer is currently scheduled to expire. The Purchase Price will be based on a yield to Nov. 2, 2026, the maturity date of the Notes, and assuming the Notes mature on such date, as described in the Offer to Purchase. In addition to the Purchase Price, holders whose Notes are purchased pursuant to the Tender Offer will also receive accrued and unpaid interest thereon from the last interest payment date up to, but not including, the initial date on which the Company makes payment for such Notes, which date is currently expected to be May 15, 2026, assuming that the Tender Offer is not extended or earlier terminated. The Tender Offer is being made pursuant to the terms and conditions contained in the Offer to Purchase and Notice of Guaranteed Delivery, copies of which may be obtained from D.F. King & Co., Inc., the tender agent and information agent for the Tender Offer, by calling (888) 626-0988 or, for banks and brokers, (212) 269-5550. Copies of the Offer to Purchase and Notice of Guarant...