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.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

SLM Corp entered into Supplemental Indenture with Deutsche Bank National Trust Company valued at $500,000,000 aggregate principal amount (effective 2026-05-15).

Action: entry
Agreement: notes offering
Counterparty: Deutsche Bank National Trust Company
Value: $500,000,000 aggregate principal amount
Effective: 2026-05-15

Exact text from the filing

On May 15, 2026, SLM Corporation (the “Company”) closed an offering of $500,000,000 aggregate principal amount of 6.495% Fixed-to-Floating Rate Senior Notes due 2032 (the “Notes”) issued by the Company (the “Offering”).

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SLM Corp filing history →

Source: SEC EDGAR

accession 0001193125-26-225683

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