By Andrea Heisinger
New York, Jan. 11 - SLM Corp. priced $2 billion of 6.25% five-year notes on Tuesday to yield 6.5%, according to a market source away from the sale.
The notes (Ba1/BBB-/BBB-) priced at 98.939 to yield Treasuries plus 453.8 basis points.
The notes have a make-whole call at 50 bps over Treasuries.
Bank of America Merrill Lynch, Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC were the bookrunners.
The issuer is based in Reston, Va.
| Issuer: | SLM Corp.
|
| Issue: | Notes
|
| Amount: | $2 billion
|
| Maturity: | Jan. 25, 2016
|
| Bookrunners: | Bank of America Merrill Lynch, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC
|
| Coupon: | 6.25%
|
| Price: | 98.939
|
| Yield: | 6.5%
|
| Spread: | Treasuries plus 453.8 bps
|
| Call: | Make-whole at Treasuries plus 50 bps
|
| Trade date: | Jan. 11
|
| Settlement date: | Jan. 14
|
| Ratings: | Moody's: Ba1
|
| Standard & Poor's: BBB-
|
| Fitch: BBB-
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
