By Aleesia Forni
Virginia Beach, Va., Sept. 17 - SLM Corp. priced an upsized $1.25 billion offering of 5.5% notes (Ba1/BBB-/BB+) due Jan. 15, 2019 on Tuesday, according to an informed source.
Pricing was on top of talk.
The notes priced at 98.877 to yield 5.75%.
J.P. Morgan Securities LLC, BofA Merrill Lynch and Deutsche Bank Securities Inc. were the joint bookrunners.
Proceeds will be used for general corporate purposes.
The provider of education loans is based in Newark, Del.
| Issuer: | SLM Corp.
|
| Amount: | $1.25 billion, upsized from $500 million
|
| Description: | Medium-term notes
|
| Maturity: | Jan. 15, 2019
|
| Bookrunners: | J.P. Morgan Securities LLC, BofA Merrill Lynch, Deutsche Bank Securities Inc.
|
| Coupon: | 5.5%
|
| Price: | 98.877
|
| Yield: | 5.75%
|
| Trade date: | Sept. 17
|
| Ratings: | Moody's: Ba1
|
| Standard & Poor's: BBB-
|
| Fitch: BB+
|
| Distribution: | SEC registered
|
| Yield talk: | 5.75%
|
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