SLM prices public offering of senior notes

Sallie Mae priced its public offering of $500 million aggregate principal amount of 6.495% Fixed-to-Floating Rate Senior Notes due 2032 at par. J.P. Morgan Securities LLC and Barclays Capital Inc. are acting as joint book-running managers. BofA Securities, Inc., Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, and RBC Capital Markets, LLC are acting as co-managers. The Senior Notes are expected to be issued on May 15, 2026, subject to customary closing conditions. SLM (SLM) Corporation intends to use the net proceeds from the offering to fund the purchase of up to $500 million in aggregate principal amount of its 3.125% notes due 2026 accepted for purchase pursuant to the tender offer announced earlier, together with accrued and unpaid interest, and the payment of related fees and expenses. To the extent any net proceeds remain after the consummation of the Tender Offer, SLM Corporation intends to use such net proceeds to repay at their maturity any 2026 Notes that remain outstanding after the Tender Offer.