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Sallie Mae Announces LIBOR Transition Updates for Preferred Stock and Asset-Backed Securities

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

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