RESTON, Va., June 12, 2008—SLM Corporation (NYSE: SLM) announced today that it recently sold $2.5 billion of 8.45%, 10-year senior unsecured notes priced to yield 8.75%. The unsecured note issue, the company’s first since March 2007, was significantly oversubscribed.
Sallie Mae Vice Chairman & Chief Financial Officer Jack Remondi stated, "We are extremely pleased by the overwhelming market response to this issue and our return to the unsecured corporate bond markets as a source of funding for new student loan originations. This issue further diversifies our funding sources. We anticipate accessing the unsecured corporate bond market more regularly in the future."
Lead managers on the issue were Banc of America Securities, Merrill Lynch and Deutsche Bank. The company’s senior unsecured notes are currently rated Baa2, BBB- and BBB by Moody's, Standard & Poor’s and Fitch, respectively.
For more information contact:
Tom Joyce (703) 984-5610 (media)
Martha Holler (703) 984-5178 (media)
Steve McGarry (703) 984-6746 (investor)
SLM Corporation (NYSE:
SLM), commonly known as Sallie Mae, is the nation’s leading provider of saving- and paying-for-college programs. The company manages nearly $178 billion in education loans and serves 10 million student and parent customers. Through its Upromise affiliates, the company also manages more than $19 billion in 529 college-savings plans, and is a major, private source of college funding contributions in America with 9.4 million members and $450 million in member rewards. Sallie Mae and its subsidiaries offer debt management services as well as business and technical products to a range of business clients, including higher education institutions, student loan guarantors and state and federal agencies. More information is available at
www.salliemae.com. SLM Corporation and its subsidiaries are not sponsored by or agencies of the United States of America.