SLM - SLM prices senior notes public offering

Sallie Mae (SLM), formally SLM, priced its public offering of $500M principal amount of 4.200% senior notes due 2025 at par.Senior notes are expected to be issued on Oct. 29, 2020.Proceeds to be used for funding a tender offer for up to 2M shares of its outstanding Floating Rate Non-Cumulative Preferred Stock, Series B, par value $0.20/share at an expected offer price of $45/share, plus accrued and unpaid dividends.If any remaining, proceeds will be used for general corporate purposes, which may include the repayment of debt and future share repurchase programs.

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SLM prices senior notes public offering