The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Press release from Business Wire

Sallie Mae Sells Residual Interest in Three Federally Guaranteed Student Loan Trusts

Thursday, June 13, 2013

Sallie Mae Sells Residual Interest in Three Federally Guaranteed Student Loan Trusts

16:30 EDT Thursday, June 13, 2013

NEWARK, Del. (Business Wire) -- Sallie Mae (NASDAQ: SLM), formally SLM Corporation, today announced the creation of the SLM Student Loan EDC Repackaging Trust 2013-M1. Through this trust, Sallie Mae sold at face value $225 million of BBB-rated bonds with a 3.05-year weighted average life and a 3.5 percent coupon rate. The sale also included the entire residual interest of the trust.

The SLM Student Loan EDC Repackaging Trust 2013-M1 is collateralized by the residual interests from SLM Student Loan Trusts 2006-8, 2006-9 and 2007-1. Sallie Mae will continue to service the student loans in the underlying trusts under existing agreements. The transaction reduced student loan assets by $6.6 billion and related liabilities by $6.4 billion. The gain from the transaction will add approximately $.23 to Sallie Mae's second-quarter 2013 GAAP and core diluted earnings per share.

Sallie Mae (NASDAQ: SLM) is the nation's No. 1 financial services company specializing in education. Celebrating 40 years of making a difference, Sallie Mae continues to turn education dreams into reality for American families, today serving 25 million customers. With products and services that include 529 college savings plans, Upromise rewards, scholarship search and planning tools, education loans, insurance, and online banking, Sallie Mae offers solutions that help families save, plan, and pay for college. Sallie Mae also provides financial services to hundreds of college campuses as well as to federal and state governments. Learn more at Commonly known as Sallie Mae, SLM Corporation and its subsidiaries are not sponsored by or agencies of the United States of America.

Sallie Mae
Martha Holler, 302-283-4036
Patricia Nash Christel, 302-283-4076
Joe Fisher, 302-283-4075
Steven McGarry, 302-283-4074

  • The Globe and Mail Newspaper

    Newspaper delivered to your doorstep. subscribe

  • Globe Unlimited

    Digital all access pass across devices. subscribe

  • The Globe and Mail App

    The New Globe and Mail App for iPhone®, iPad® and Apple Watch download

  • Globe2Go

    The digital replica of our newspaper. subscribe

  • Globe eBooks

    A collection of articles by the Globe. subscribe

See all Globe Products

Advertise with us

Your number one partner for reaching Canada's Influential Achievers. learn more

The Globe at your Workplace
Our Company
Secure Service
Customer Service
Advertising Privacy
Globe Recognition
Mobile Apps
Other Sections