Sallie Mae buys back $1.4 billion notes in Q2, including tender offer

By Jennifer Chiou

New York, Aug. 5 - SLM Corp. (Sallie Mae) repurchased $1.1 billion of its $27 billion of senior unsecured notes in a May tender offer, according to a 10-Q filing with the Securities and Exchange Commission.

The company noted that the offer resulted in gains of roughly $73 million.

Sallie Mae announced plans for the tender on May 6. Settlement occurred on May 11.

The filing added that repurchases in the second quarter, including the tender, totaled $1.4 billion and resulted in gains of $91 million.

During the first quarter, the company bought back $1.3 billion of unsecured notes.

Sallie Mae provides saving- and paying-for-college programs and is based in Reston, Va.

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