Sallie Mae Sells Residual Interest in Three Federally Guaranteed Student
NEWARK, Del. -- June 13, 2013
Sallie Mae (NASDAQ: SLM), formally SLM Corporation, today announced the
creation of the SLM Student Loan EDC Repackaging Trust 2013-M1. Through this
trust, Sallie Mae sold at face value $225 million of BBB-rated bonds with a
3.05-year weighted average life and a 3.5 percent coupon rate. The sale also
included the entire residual interest of the trust.
The SLM Student Loan EDC Repackaging Trust 2013-M1 is collateralized by the
residual interests from SLM Student Loan Trusts 2006-8, 2006-9 and 2007-1.
Sallie Mae will continue to service the student loans in the underlying trusts
under existing agreements. The transaction reduced student loan assets by $6.6
billion and related liabilities by $6.4 billion. The gain from the transaction
will add approximately $.23 to Sallie Mae’s second-quarter 2013 GAAP and core
diluted earnings per share.
Sallie Mae (NASDAQ: SLM) is the nation’s No. 1 financial services company
specializing in education. Celebrating 40 years of making a difference, Sallie
Mae continues to turn education dreams into reality for American families,
today serving 25 million customers. With products and services that include
529 college savings plans, Upromise rewards, scholarship search and planning
tools, education loans, insurance, and online banking, Sallie Mae offers
solutions that help families save, plan, and pay for college. Sallie Mae also
provides financial services to hundreds of college campuses as well as to
federal and state governments. 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.
Martha Holler, 302-283-4036
Patricia Nash Christel, 302-283-4076
Joe Fisher, 302-283-4075
Steven McGarry, 302-283-4074
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