Business & Finance
Business and Finance
Business and Finance
Mon, September 27, 2010
Sun, September 26, 2010
Fri, September 24, 2010 SLM Corporation Announces Results of Cash Tender Offers for Certain Outstanding Notes
RESTON, Va.--([ BUSINESS WIRE ])--SLM Corporation (NYSE:SLM), commonly known as Sallie Mae, today announced that, as of 11:59 p.m. EDT on Sept. 23, 2010 (the aExpiration Datea), it had received tenders of $424,407,000 and $236,423,000 for its outstanding (i) Early 2011 Notes listed in the table below and (ii) Late 2011 Notes listed in the table below, respectively, pursuant to its previously announced separate modified aDutch Auctiona cash tender offers for the Early 2011 Notes (the aEarly 2011 Offera) and the Late 2011 Notes (the aLate 2011 Offera and, together with the Early 2011 Offer, the aTender Offersa). The maximum aggregate principal amount that could be purchased in each of the Tender Offers was $500 million, respectively, subject to the terms and conditions of the Offer to Purchase dated Aug. 26, 2010 (the aOffer to Purchasea) and related documents.
According to D.F. King & Co., Inc., the Information Agent and Depositary Agent for the Tender Offers, as of the Expiration Date, Sallie Mae received valid tender offers from holders of the notes as outlined in the tables below.
Early 2011 Offer | ||||||||||||||||
Series of | CUSIP No. | ISIN No. |
Outstanding | Principal | Percent of |
Principal |
Clearing |
Tender Offer | ||||||||
| Early 2011 Notes | ||||||||||||||||
Floating Rate Notes Due March 2011 | 78442FDX3 | US78442FDX33 | $857,750,000 | $268,003,000 | 31.2% | $268,003,000 | $10.00 | $990.00 | ||||||||
5.45% Notes Due April 2011 | 78442FDY1 | US78442FDY16 | $704,430,000 | $156,404,000 | 22.2% | $156,404,000 | $10.00 | $1,017.50 | ||||||||
| 1 | Rounded to the nearest one-tenth of one percent. | ||||||
| 2 | Per $1,000 principal amount of Early 2011 Notes tendered and validly accepted. | ||||||
Late 2011 Offer | ||||||||||||||||
Series of | CUSIP No. | ISIN No. | Outstanding | Principal | Percent of | Principal | Clearing | Tender Offer | ||||||||
| Late 2011 Notes | ||||||||||||||||
Floating Rate Notes Due October 2011 | 78442FEE4 | US78442FEE43 | $1,059,114,000 | $119,170,000 | 11.3% | $119,170,000 | $20.00 | $965.00 | ||||||||
5.40% Notes Due October 2011 | 78442FED6 | US78442FED69 | $466,295,000 | $117,253,000 | 25.1% | $117,253,000 | $20.00 | $1,017.50 | ||||||||
| 1 | Rounded to the nearest one-tenth of one percent. | ||||||
| 2 | Per $1,000 principal amount of Late 2011 Notes tendered and validly accepted. | ||||||
Holders who validly tendered and did not withdraw their notes on or prior to the Expiration Date, and whose notes are purchased pursuant to the Tender Offers, will be entitled to receive the Tender Offer Consideration for each series of the Early 2011 Notes and the Late 2011 Notes in the Tender Offers, as applicable.
The Tender Offers expired at the Expiration Date and are expected to settle on Sept. 27, 2010.
This announcement is for informational purposes only and is not an offer to purchase or a solicitation of an offer to purchase any notes. The Tender Offers were made solely pursuant to the Offer to Purchase and related documents.
BofA Merrill Lynch and Deutsche Bank Securities acted as the Dealer Managers for the Tender Offers. D.F. King & Co., Inc. is the Information Agent and Depositary Agent for the Tender Offers.
For additional information regarding the terms of the Tender Offers, please contact: BofA Merrill Lynch at 888/292-0070 (toll free) or 980/388-4603 (collect) and/or Deutsche Bank Securities at 866/627-0391 (toll free) or 212/250-2955 (collect). Requests for documents and questions regarding the tendering of notes may be directed to the Information Agent at the numbers provided below:
The Information Agent for the Tender Offers is: | The Depositary Agent for the Tender Offers is: | |||
| D.F. KING & CO., INC. | D.F. KING & CO., INC. | |||
48 Wall Street a" 22nd Floor | By facsimile: | |||
New York, New York 10005 | (For Eligible Institutions only): (212) 809-8838 | |||
| ||||
Banks and Brokers Call: (212) 269-5550 | Confirmation: (212) 493-6996 | |||
All Others Call Toll Free: (800) 207-3158 | Attn: Elton Bagley | |||
Email: [ salliemae@dfking.com ] |
| |||
SLM Corporation (NYSE:SLM), commonly known as Sallie Mae, is the nationa™s leading saving, planning and paying for education company. Sallie Maea™s saving programs, planning resources and financing options have helped more than 31 million people make the investment in higher education. Through its subsidiaries, the company manages $184 billion in education loans and serves 10 million student and parent customers. In addition, the companya™s Upromise program has enabled 12 million members to earn more than $550 million in rewards to help pay for college, and its affiliate Upromise Investments, Inc., manages more than $26 billion in 529 college-savings plans. Sallie Mae offers services to a range of institutional clients, including colleges and universities, 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.
