SLM Corp issues $500M 6.495% Fixed-to-Floating Notes due 2032; proceeds for tender offer

SLM Corp

Offering $500M aggregate principal of 6.495% Fixed-to-Floating Senior Notes due May 15, 2032.
Interest fixed at 6.495% for first 5 years, then floats at Benchmark plus 271 bps quarterly.
Proceeds used to fund a tender offer for SLM's 3.125% senior notes due 2026 and pay fees.
Notes redeemable at any time at applicable redemption prices; change of control put at 101%.
Closed on May 15, 2026; under indenture with Deutsche Bank National Trust Company as trustee.

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