Sallie Mae® (Nasdaq: SLM), formally SLM Corporation, today
provided LIBOR transition updates for its Floating-Rate
Non-Cumulative Preferred Stock, Series B, and its floating-rate
asset-backed securities:
Preferred Stock
Sallie Mae today announced the dividends on its Floating-Rate
Non-Cumulative Preferred Stock, Series B (“Preferred Stock”), when,
as and if declared by its Board of Directors, will transition from
using three-month USD LIBOR as an index to three-month CME Term
SOFR plus a tenor spread adjustment of 0.26161% (the “Three-Month
Index Replacement Rate”) by operation of law pursuant to the terms,
and the safe harbor provisions, of the Adjustable Interest Rate
(LIBOR) Act (“LIBOR Act”).
The replacement of three-month USD LIBOR with the Three-Month
Index Replacement Rate will be effective for dividends to be based
on indices available after June 30, 2023 (the “Cessation Date”),
when three-month USD LIBOR is expected to either cease being
published or no longer be representative.
Because quarterly dividends on Sallie Mae’s Preferred Stock,
when, as and if declared by its Board of Directors, are based on
indices available approximately three months prior to the relevant
payment date, any declared dividend to be paid on September 15,
2023 would still be based on three-month USD LIBOR. Accordingly,
the first dividend on Sallie Mae’s Preferred Stock (when, as and if
declared by its Board of Directors) that would be based on the
Three-Month Index Replacement Rate would be any declared dividend
to be paid on December 15, 2023.
Additional information regarding Sallie Mae’s Preferred Stock
will be available by accessing the Depository Trust & Clearing
Corporation’s Legal Notice System (LENS).
Asset-Backed Securities
Sallie Mae Bank, as servicer, administrator, and calculation
agent for the Sallie Mae Private Education Loan Trusts, today
announced the floating-rate asset-backed securities identified
below (“Notes”) will transition from using one-month USD LIBOR as
an index to one-month CME Term SOFR plus a tenor spread adjustment
of 0.11448% (the “One-Month Index Replacement Rate”) (i) by
operation of law, pursuant to the LIBOR Act, or (ii) pursuant to
the terms of such Notes.
The replacement of one-month USD LIBOR with the One-Month Index
Replacement Rate will be effective for interest rate determinations
on the Notes made with respect to dates after the Cessation Date.
This reference rate transition will not affect any interest rate
determinations on the Notes made with respect to dates on or prior
to the Cessation Date.
Additional information regarding the Notes will be available by
accessing the LENS.
Notes
CUSIP No.
SMB Private Education Loan Trust2014-A
A3
784456AD7
SMB Private Education Loan Trust 2015-A
A3
78448PAD2
SMB Private Education Loan Trust 2015-B
A3
78448QAD0
SMB Private Education Loan Trust 2015-C
A3
78448RAD8
SMB Private Education Loan Trust 2016-A
A2B
78449FAC5
SMB Private Education Loan Trust 2016-A
B
78449FAD3
SMB Private Education Loan Trust 2016-B
A2B
78449GAC3
SMB Private Education Loan Trust 2016-B
B
78449GAD1
SMB Private Education Loan Trust 2016-C
A2B
78449KAC4
SMB Private Education Loan Trust 2017-A
A2B
78448WAC9
SMB Private Education Loan Trust 2017-B
A2B
83189DAC4
SMB Private Education Loan Trust 2018-A
A2B
78449PAC3
SMB Private Education Loan Trust 2018-B
A2B
78449LAC2
SMB Private Education Loan Trust 2018-C
A2B
78449QAC1
SMB Private Education Loan Trust 2019-A
A2B
78449TAC5
SMB Private Education Loan Trust 2019-B
A2B
83192CAC1
SMB Private Education Loan Trust 2020-A
A2B
78449UAC2
SMB Private Education Loan Trust 2020-B
A1B
78449XAB8
SLM Private Education Loan Trust 2020-PTA
A-2B
78449VAC0
SLM Private Education Loan Trust 2020-PTB
A-2B
78449DAC0
SMB Private Education Loan Trust 2021-A
A2A1
78448YAB7
SMB Private Education Loan Trust 2021-A
A2A2 144A
78448YAK7
SMB Private Education Loan Trust 2021-A
A2A2 REGS
U8306CAK0
SMB Private Education Loan Trust 2021-C
A2
83208AAD5
SMB Private Education Loan Trust 2021-D
A1B
78449MAB2
SMB Private Education Loan Trust 2021-E
A1B
78450MAB8
Sallie Mae (Nasdaq: SLM) believes education and life-long
learning, in all forms, help people achieve great things. As the
leader in private student lending, we provide financing and
know-how to support access to college and offer products and
resources to help customers make new goals and experiences, beyond
college, happen. Learn more at SallieMae.com. Commonly known as
Sallie Mae, SLM Corporation and its subsidiaries are not sponsored
by or agencies of the United States of America.
Category: Corporate and Financial
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230615511238/en/
Media Rick Castellano 302.451.2541
rick.castellano@salliemae.com
Investors Melissa Bronaugh 571.526.2455
Melissa.Bronaugh@SallieMae.com
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