Business Wire·May 12, 2026, 6:50 PM ET

Sallie Mae Announces Final Results and Expiration of Tender Offer for Its 3.125% Senior Notes Due 2026

SLM Corporation (Sallie Mae) announced the final results of its cash tender offer for its 3.125% senior notes on May 12, 2026.
The company received tenders for $448,412,000 in aggregate principal amount, representing 89.68% of the outstanding notes as of the 5 p.m. New York City expiration time.
Settlement for validly tendered notes will occur on May 15, 2026, with a purchase price of $995.83 per $1,000 principal amount plus accrued interest.
Interest on accepted notes will cease to accrue on the Settlement Date, and all purchased notes will be cancelled immediately thereafter.
The tender offer is conducted in connection with a contemporaneous New Notes Offering, with proceeds from that offering intended to fund the repurchase.
The tender offer is not conditioned on a minimum acceptance amount but is contingent upon the successful completion of the New Notes Offering.
SLM expects to repay notes not tendered at their maturity and plans to deposit funds with Deutsche Bank National Trust Company shortly after the Settlement Date to discharge the indenture.
J.P. Morgan Securities LLC serves as the exclusive Dealer Manager for the transaction.