Here are the 424B prospectus supplements from SLM Corporation Floating-Rate Non-Cumulative Series B (SLMBP) in our archive over the last 12 months, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 424B covers the supplement that carries the terms of a priced offering, so if you follow SLMBP and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full SLMBP filings page.
SLM Corporation is offering $500,000,000 of 6.495% Fixed-to-Floating Rate Senior Notes due 2032. The notes pay 6.495% semiannually from and including the issue date through May 15, 2031, then reset to Compounded SOFR + 271 basis points payable quarterly until maturity on May 15, 2032. Net proceeds are expected to be approximately $493.2 million and are intended to fund a concurrent tender offer for the company’s outstanding 3.125% Senior Notes due 2026, with any remaining proceeds used to repay remaining 2026 Notes at maturity. The offering is unsecured, senior and structurally subordinated to liabilities of SLM’s subsidiaries, and the floating-rate period references the SOFR Index with benchmark-replacement mechanics described in the terms.
SLM Corporation (Sallie Mae) is offering a series of fixed-to-floating rate senior notes and, concurrently, launched a tender offer to purchase any and all of its outstanding 3.125% Senior Notes due 2026 with $500,000,000 outstanding. Proceeds are intended to fund the Tender Offer and related fees; any remaining net proceeds will be used to repay the 2026 Notes at maturity.
The notes will pay a fixed rate initially and reset to a floating rate equal to Compounded SOFR plus a spread; the prospectus details SOFR-based calculation mechanics, Benchmark Transition Event fallbacks, optional redemption features, and a Change of Control repurchase right at 101% plus accrued interest. The notes are unsecured, rank equally with existing unsecured debt, are structurally subordinated to subsidiary liabilities, and will not be listed.