By Devika Patel
Knoxville, Tenn., Oct. 27 – SLM Corp. priced $500 million of 3 1/8% five-year notes (Ba1/BB+/BB+) at a spread of 211 basis points over Treasuries on Wednesday, according to an FWP filed with the Securities and Exchange Commission.
The notes priced at 99.427 to yield 3¼%.
J.P. Morgan Securities LLC and Goldman Sachs & Co. LLC were the bookrunners.
Proceeds will be used to redeem in full the company’s $200 million of 5 1/8% senior notes due April 5, 2022.
SLM is a Newark, Del.-based banking company.
| Issuer: | SLM Corp.
|
| Securities: | Notes
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| Amount: | $500 million
|
| Maturity: | Nov. 2, 2026
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| Bookrunners: | J.P. Morgan Securities LLC and Goldman Sachs & Co. LLC
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| Co-managers: | Barclays and RBC Capital Markets LLC
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| Coupon: | 3 1/8%
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| Price: | 99.427
|
| Yield: | 3¼%
|
| Spread: | Treasuries plus 211 bps
|
| Call features: | Make-whole call at Treasuries plus 35 bps until Oct. 2, 2026; thereafter at par
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| Trade date: | Oct. 27
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| Settlement date: | Nov. 1
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| Ratings: | Moody’s: Ba1
|
| S&P: BB+
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| Fitch: BB+
|
| Distribution: | SEC registered
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| Cusip: | 78442PGE0
|
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