SLM Corporation Announces Results of $1 Billion Modified Dutch Auction Tender Offer for Outstanding Notes
Published September 16th, 2009
SLM Corporation (NYSE:SLM), commonly known as Sallie Mae, today announced that, as of 5 p.m. EDT, on Sept. 15, 2009 (the Early Participation Date), it has received tenders of $1,240,329,000 for Sallie Mae’s outstanding LIBOR Floating Rate Medium Term Notes, Series A Due 2010 and 4.50% Medium Term Notes, Series A Due 2010 (the Notes), pursuant to its previously announced $1 billion modified “Dutch Auction” cash tender offer (the Tender Offer).
Sallie Mae also announced today that it is raising the tender cap from $1 billion to $1,240,329,000. Neither the Withdrawal Date nor the withdrawal rights have been extended as a result of this increase. Since the tender cap has been reached by the Early Participation Date, Sallie Mae has elected to exercise its option not to accept any additional tenders from holders of the Notes during the period remaining until the Expiration Date, as described in the Offer to Purchase dated Sept. 1, 2009.
