New Issue: Sallie Mae prices $850 million 6 1/8% 10-year notes at 99.082 to yield 6¼%

By Paul A. Harris

Portland, Ore., March 24 - SLM Corp. (Sallie Mae) priced $850 million of non-callable 6 1/8% 10-year senior notes (Ba1/BBB-/BB+) at 99.082 to yield 6¼% on Monday, according to a market source.

The yield printed on top of yield talk.

Barclays, Credit Suisse Securities (USA) LLC and J.P. Morgan Securities LLC managed the sale.

The provider of education loans is based in Newark, Del.

Issuer:	SLM Corp.
Amount:	$850 million
Maturity:	March 25, 2024
Securities:	Senior notes
Bookrunners:	Barclays, Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC
Coupon:	6 1/8%
Price:	99.082
Yield:	6¼%
Spread:	352 bps
Call protection:	Non-callable
Trade date:	March 24
Settlement date:	March 27
Ratings:	Moody's: Ba1
	Standard & Poor's: BBB-
	Fitch: BB+
Distribution:	SEC registered
Price talk:	6¼% area
Marketing:	Quick to market

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