NEWARK, Del.--(BUSINESS WIRE)--Sallie Mae® (NASDAQ: SLM), formally SLM Corporation, today announced that it priced its public offering of $500 million aggregate principal amount of 4.200% Senior Notes due 2025 at par.

J.P. Morgan Securities LLC and RBC Capital Markets, LLC are acting as joint book-running managers. Barclays Capital Inc. and Goldman Sachs & Co. LLC are acting as co-managers. The Senior Notes are expected to be issued on October 29, 2020, subject to customary closing conditions. SLM Corporation intends to use part of the net proceeds from the offering to fund a tender offer for up to 2,000,000 shares of its outstanding Floating Rate Non-Cumulative Preferred Stock, Series B, par value $.20 per share (the “SLM Corporation Series B Preferred Stock”), at an expected offer price of $45.00 per share, plus accrued and unpaid dividends, if any, and to use the remaining proceeds for general corporate purposes, which may include the repayment of debt and future share repurchase programs.

Sallie Mae (NASDAQ: SLM) believes education and life-long learning, in all forms, help people achieve great things. As the leader in private student lending, we provide financing and know-how to support access to college and offer products and resources to help customers make new goals and experiences, beyond college, happen. 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.