Sallie Mae buys back $825 million senior notes in first quarter 2011

By Toni Weeks

San Diego, April 20 - Sallie Mae repurchased $825 million of senior unsecured notes with maturity dates ranging from 2011 to 2014 in the first quarter of 2011, according to a filing with the Securities and Exchange Commission.

The repurchase resulted in a total gain of $64 million.

The company said it has repurchased $11.1 billion of notes with maturities ranging from 2008 to 2016 since the second quarter of 2008. It repurchased $1.3 billion of notes in the quarter ended Dec. 31 and $1.3 billion for the quarter ended March 31, 2010.

The repurchases were made in both open-market repurchases and public tender offers. The company said that repurchasing debt helps it to better manage its short-term and long-term funding needs.

Sallie Me provides saving- and paying-for-college programs and is based in Reston, Va.

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