SLM Corp launches tender for all $500M of 3.125% 2026 notes, funded by new debt offering

Filed May 6, 2026 · Period ending May 6, 2026 · ~1 min read

Key Changes

• high

  SLM initiated a cash tender offer to purchase all $500M of its 3.125% senior notes due November 2026, with expiration May 12 and settlement May 15, 2026.

  Item 7.01 — Regulation FD Disclosure verify on EDGAR →
• high

  The tender is conditioned on completing a concurrent new senior debt offering; proceeds from the new debt will fund the repurchase. No minimum tender threshold applies, but the offer may be terminated if the new debt does not close.

  Item 7.01 — Regulation FD Disclosure verify on EDGAR →
• medium

  Purchase price will be calculated using a 25 basis point spread over the 4.125% U.S. Treasury due October 2026, priced at 2 p.m. on May 12, 2026, plus accrued interest.

  Exhibit 99.1 view on EDGAR →