Business & Finance
Business and Finance
Business and Finance
Wed, March 16, 2011
Tue, March 15, 2011 Sallie Mae Extends Deadline for Notes Tendered and Announces Early Results of Its Cash Tender Offers
RESTON, Va.--([ BUSINESS WIRE ])--Sallie Mae (NYSE: SLM) today announced that it has elected to extend the deadline, which was previously set at 5:00 p.m. New York City Time on March 15, 2011 (the aEarly Tender Deadlinea), for which Holders of Any and All Securities are eligible to receive the applicable total consideration, which includes $30.00 per $1,000 principal amount of securities accepted for purchase (the aAny and All Total Considerationa). Holders of Any and All Securities who validly tender their securities after the Early Tender Deadline but on or prior to 11:59 p.m. New York City Time on March 29, 2011 are now entitled to receive the Any and All Total Consideration.
Sallie Mae today also announced that it has elected to extend the deadline, which was previously set at the Early Tender Deadline, for which Holders of Dutch Auction Securities are eligible to receive the applicable total consideration, which includes $30.00 per $1,000 principal amount of securities accepted for purchase (the aDutch Auction Total Considerationa). Holders of Dutch Auction Securities who validly tender their securities after the Early Tender Deadline but on or prior to 11:59 p.m. New York City Time on March 29, 2011 are now eligible to receive the Dutch Auction Total Consideration.
Holders who validly tendered and did not withdraw their securities on or prior to the Early Tender Deadline, and whose securities are accepted for purchase in the Any and All Offer, will be entitled to receive the Any and All Total Consideration, which includes $30.00 per $1,000 principal amount of securities accepted for purchase, on the Early Tender Settlement Date, expected to be March 17, 2011.
As of 5:00 p.m. New York City Time on March 15, 2011, Sallie Mae received tenders of securities subject to the Any and All Offer totaling $155,656,000 and tenders of securities subject to the Dutch Auction Offer totaling $584,338,000.
The results are set out in the table below:
Title of Security | CUSIP | Outstanding | Principal Amount | Total | ||||
| Any and All Offer | ||||||||
| Floating Rate Medium Term Notes, Series A Due January 1, 2014 | 78442FBM9 | $75,000,000 | $21,978,000 | $997.50 | ||||
| Floating Rate Medium Term Notes, Series A Due February 1, 2014 | 78442FBP2 | $53,212,000 | $17,605,000 | $995.00 | ||||
| Floating Rate Medium Term Notes, Series A Due April 1, 2014 | 78442FCB2 | $52,524,000 | $21,697,000 | $977.50 | ||||
| Floating Rate Medium Term Notes, Series A Due May 1, 2014 | 78442FCF3 | $35,000,000 | $8,592,000 | $975.00 | ||||
| Floating Rate Medium Term Notes, Series A Due July 1, 2014 | 78442FCS5 | $50,000,000 | $16,587,000 | $972.50 | ||||
| Floating Rate Medium Term Notes, Series A Due August 11, 2014 | 78442FCV8 | $25,000,000 | $9,239,000 | $982.50 | ||||
| Floating Rate Medium Term Notes, Series A Due September 15, 2014 | 78442FCW6 | $21,386,000 | $6,956,000 | $950.00 | ||||
| Floating Rate Medium Term Notes, Series A Due October 1, 2014 | 78442FCY2 | $100,430,000 | $27,337,000 | $955.00 | ||||
| Floating Rate Medium Term Notes, Series A Due December 15, 2014 | 78442FDB1 | $37,960,000 | $25,665,000 | $965.00 | ||||
| Dutch Auction Offer | ||||||||
| Floating Rate Medium Term Notes, Series A Due 2014 | 78442FEF1 | $796,393,000 | $162,415,000 | $935.00 - $955.00 | ||||
| 5.375% Medium Term Notes, Series A Due 2014 | 78442FCJ5 | $919,930,000 | $340,243,000 | $1,032.50 - $1,052.50 | ||||
| 5.05% Medium Term Notes, Series A Due 2014 | 78442FAE8 | $493,682,000 | $81,680,000 | $1,010.00 - $1,030.00 |
(1) Per $1,000 principal amount of securities accepted for purchase.
(2) Includes the Early Tender Payment.
As set forth in the Offer to Purchase, withdrawal rights for both the Any and All Offer and the Dutch Auction Offer expired at 5:00 p.m. New York City Time on March 15, 2011. Securities tendered pursuant to the tender offers may no longer be withdrawn.
Sallie Mae has retained BofA Merrill Lynch and Barclays Capital to serve as the Dealer Managers for the tender offers. Sallie Mae has also retained D.F. King & Co., Inc. to serve as the Depositary and Information Agent. Copies of the Offer to Purchase and Letter of Transmittal can be obtained by contacting the Information Agent at (800) 207-3158. Questions regarding the tender offers should be directed to BofA Merrill Lynch at (888) 292-0070 (toll free) or (980) 388-9217 (collect) and Barclays Capital at (800) 438-3242 (toll-free) or (212) 528-7581 (collect). You may also contact your broker, dealer, commercial bank or trust company or other nominee for assistance concerning the offers.
This press release is not a tender offer to purchase or a solicitation of acceptance of a tender offer, which may be made only pursuant to the terms of the Offer to Purchase and the Letter of Transmittal. In any jurisdiction where the laws require the tender offers to be made by a licensed broker or dealer, the tender offers will be deemed made on behalf of Sallie Mae by BofA Merrill Lynch and Barclays Capital or one or more registered brokers or dealers under the laws of such jurisdiction. The tender offers are not being made in any jurisdiction in which the making or acceptance thereof would not be in compliance with the laws of such jurisdiction.
Sallie Mae (NYSE: SLM) is the nationa™s No. 1 financial services company specializing in education. Serving 23 million customers, Sallie Mae offers innovative savings tools, tuition payment plans and education loans that promote responsible financial habits and reward success. The company manages or services $235 billion in education loans and administers $35 billion in 529 college savings plans. Members of its Upromise college savings rewards program have earned $600 million to help pay for college. Sallie Mae is also one of the leading financial service providers for universities and governments at all levels. More information is available at [ www.SallieMae.com ]. Commonly known as Sallie Mae, SLM Corporation and its subsidiaries are not sponsored by or agencies of the United States of America.
