E-mail us: service@prospectnews.com Or call: 212 374 2800
Bank Loans - CLOs - Convertibles - Distressed Debt - Emerging Markets
Green Finance - High Yield - Investment Grade - Liability Management
Preferreds - Private Placements - Structured Products
 
Published on 10/27/2021 in the Prospect News High Yield Daily.

New Issue: SLM sells $500 million of 3 1/8% five-year notes to yield 3¼%

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
Amount:$500 million
Maturity:Nov. 2, 2026
Bookrunners:J.P. Morgan Securities LLC and Goldman Sachs & Co. LLC
Co-managers:Barclays and RBC Capital Markets LLC
Coupon:3 1/8%
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
Trade date:Oct. 27
Settlement date:Nov. 1
Ratings:Moody’s: Ba1
S&P: BB+
Fitch: BB+
Distribution:SEC registered
Cusip:78442PGE0

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.