SLM Corp launches tender offer for $500M 3.125% senior notes due 2026

SLM Corp

Tender offer for any and all $500M 3.125% senior notes due Nov 2, 2026, expiring May 12, 2026.
Purchase price based on 25 bps fixed spread over 4.125% U.S. Treasury due Oct 31, 2026.
Tender is conditioned on completion of a contemporaneous new senior notes offering; proceeds to repurchase notes.
Settlement expected May 15, 2026; J.P. Morgan is dealer manager.

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