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Share Name | Share Symbol | Market | Type |
---|---|---|---|
SLM Corporation | NASDAQ:SLM | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.20 | -0.96% | 20.57 | 20.18 | 20.85 | 20.805 | 20.51 | 20.58 | 1,546,592 | 01:00:00 |
Sallie Mae® (Nasdaq: SLM), formally SLM Corporation, today provided LIBOR transition updates for its Floating-Rate Non-Cumulative Preferred Stock, Series B, and its floating-rate asset-backed securities:
Preferred Stock
Sallie Mae today announced the dividends on its Floating-Rate Non-Cumulative Preferred Stock, Series B (“Preferred Stock”), when, as and if declared by its Board of Directors, will transition from using three-month USD LIBOR as an index to three-month CME Term SOFR plus a tenor spread adjustment of 0.26161% (the “Three-Month Index Replacement Rate”) by operation of law pursuant to the terms, and the safe harbor provisions, of the Adjustable Interest Rate (LIBOR) Act (“LIBOR Act”).
The replacement of three-month USD LIBOR with the Three-Month Index Replacement Rate will be effective for dividends to be based on indices available after June 30, 2023 (the “Cessation Date”), when three-month USD LIBOR is expected to either cease being published or no longer be representative.
Because quarterly dividends on Sallie Mae’s Preferred Stock, when, as and if declared by its Board of Directors, are based on indices available approximately three months prior to the relevant payment date, any declared dividend to be paid on September 15, 2023 would still be based on three-month USD LIBOR. Accordingly, the first dividend on Sallie Mae’s Preferred Stock (when, as and if declared by its Board of Directors) that would be based on the Three-Month Index Replacement Rate would be any declared dividend to be paid on December 15, 2023.
Additional information regarding Sallie Mae’s Preferred Stock will be available by accessing the Depository Trust & Clearing Corporation’s Legal Notice System (LENS).
Asset-Backed Securities
Sallie Mae Bank, as servicer, administrator, and calculation agent for the Sallie Mae Private Education Loan Trusts, today announced the floating-rate asset-backed securities identified below (“Notes”) will transition from using one-month USD LIBOR as an index to one-month CME Term SOFR plus a tenor spread adjustment of 0.11448% (the “One-Month Index Replacement Rate”) (i) by operation of law, pursuant to the LIBOR Act, or (ii) pursuant to the terms of such Notes.
The replacement of one-month USD LIBOR with the One-Month Index Replacement Rate will be effective for interest rate determinations on the Notes made with respect to dates after the Cessation Date. This reference rate transition will not affect any interest rate determinations on the Notes made with respect to dates on or prior to the Cessation Date.
Additional information regarding the Notes will be available by accessing the LENS.
Notes
CUSIP No.
SMB Private Education Loan Trust2014-A A3
784456AD7
SMB Private Education Loan Trust 2015-A A3
78448PAD2
SMB Private Education Loan Trust 2015-B A3
78448QAD0
SMB Private Education Loan Trust 2015-C A3
78448RAD8
SMB Private Education Loan Trust 2016-A A2B
78449FAC5
SMB Private Education Loan Trust 2016-A B
78449FAD3
SMB Private Education Loan Trust 2016-B A2B
78449GAC3
SMB Private Education Loan Trust 2016-B B
78449GAD1
SMB Private Education Loan Trust 2016-C A2B
78449KAC4
SMB Private Education Loan Trust 2017-A A2B
78448WAC9
SMB Private Education Loan Trust 2017-B A2B
83189DAC4
SMB Private Education Loan Trust 2018-A A2B
78449PAC3
SMB Private Education Loan Trust 2018-B A2B
78449LAC2
SMB Private Education Loan Trust 2018-C A2B
78449QAC1
SMB Private Education Loan Trust 2019-A A2B
78449TAC5
SMB Private Education Loan Trust 2019-B A2B
83192CAC1
SMB Private Education Loan Trust 2020-A A2B
78449UAC2
SMB Private Education Loan Trust 2020-B A1B
78449XAB8
SLM Private Education Loan Trust 2020-PTA A-2B
78449VAC0
SLM Private Education Loan Trust 2020-PTB A-2B
78449DAC0
SMB Private Education Loan Trust 2021-A A2A1
78448YAB7
SMB Private Education Loan Trust 2021-A A2A2 144A
78448YAK7
SMB Private Education Loan Trust 2021-A A2A2 REGS
U8306CAK0
SMB Private Education Loan Trust 2021-C A2
83208AAD5
SMB Private Education Loan Trust 2021-D A1B
78449MAB2
SMB Private Education Loan Trust 2021-E A1B
78450MAB8
Sallie Mae (Nasdaq: SLM) believes education and life-long learning, in all forms, help people achieve great things. As the leader in private student lending, we provide financing and know-how to support access to college and offer products and resources to help customers make new goals and experiences, beyond college, happen. Learn more at SallieMae.com. Commonly known as Sallie Mae, SLM Corporation and its subsidiaries are not sponsored by or agencies of the United States of America.
Category: Corporate and Financial
View source version on businesswire.com: https://www.businesswire.com/news/home/20230615511238/en/
Media Rick Castellano 302.451.2541 rick.castellano@salliemae.com
Investors Melissa Bronaugh 571.526.2455 Melissa.Bronaugh@SallieMae.com
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