Loan & DebtMay 15, 2026, 10:43 AM
SLM Corp Issues $500M Fixed-to-Floating Senior Notes Due 2032
AI Summary
SLM Corporation has closed an offering of $500 million in 6.495% Fixed-to-Floating Rate Senior Notes due 2032. The notes will bear a fixed interest rate of 6.495% until May 15, 2031, after which they will switch to a floating rate. The company intends to use the net proceeds from this offering to fund a tender offer for its outstanding 3.125% senior notes due 2026 and to repay any remaining 2026 notes at maturity.
Key Highlights
- SLM Corp closed an offering of $500 million aggregate principal amount of senior notes.
- The notes are 6.495% Fixed-to-Floating Rate Senior Notes due 2032.
- Interest is fixed at 6.495% until May 15, 2031, then floating (Benchmark + 271 bps).
- Proceeds will fund a tender offer for the company's 3.125% senior notes due 2026.
- J.P. Morgan Securities LLC and Barclays Capital Inc. acted as representatives for the underwriters.
Price Impact
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