Sallie Mae sets May 5 as redemption date for series A preferreds

By Wendy Van Sickle

Columbus, Ohio, April 5 – SLM Corp., known as Sallie Mae, called its 6.97% series A perpetual preferred stock for redemption on May 5, according to a press release.

The 3.3 million shares of the series A preferreds will be redeemed at their liquidation preference of $50.00 plus unpaid dividends to, but excluding, the redemption date.

The next quarterly dividend payment will be made on May 1.

The redemption will be funded by proceeds of new notes, as previously reported.

SLM is a Newark, Del., provider of student loans.

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