Simpson Thacher represented the underwriters in an offering by SLM Corporation (“Sallie Mae”) of $500 million aggregate principal amount of 6.495% Fixed-to-Floating Rate Senior Notes due 2032.
Sallie Mae intends to use the net proceeds from the offering to fund the purchase of its 3.125% Senior Notes due 2026 accepted for purchase in a concurrent cash tender offer, together with accrued and unpaid interest and the payment of related fees and expenses. Simpson Thacher also represented J.P. Morgan Securities LLC as dealer manager for the tender offer.
Sallie Mae is the premier financial brand in higher education. Sallie Mae supports students and families navigating to, through and immediately after higher education. Sallie Mae simplifies the college planning process and advances higher education access and completion by providing free tools, resources, scholarships and responsible financing options.
The Simpson Thacher team included John C. Ericson, Erin Camia and Stephanie Shim (Capital Markets); Jonathan Cantor and Spencer Landis (Tax); Pasco Struhs and Matias Botto (Executive Compensation and Employee Benefits); Ron Ben-Yehuda and Christine Song (Intellectual Property); and Jennie Getsin (Blue Sky).