Sallie Mae extends financing facilities
RESTON, Va.—SLM Corporation (NYSE: SLM), commonly known as Sallie Mae, announced today that it has extended $26 billion in asset-backed commercial paper (ABCP) facilities that continue to provide funding for the company’s federally guaranteed and private education loans. The 60-day extension moves the facilities’ maturity date from Feb. 27, 2009 to April 28, 2009. The other terms of the facilities remain materially unchanged.
The extension of these facilities provides liquidity for the company while the federal government finalizes its plans to implement the recently announced ABCP conduit provided by the U.S. Department of Education, and the company evaluates funding opportunities under the Federal Reserve’s pending Term Asset-backed Securities Loan Facility (TALF) program.
“This extension will allow us to begin replacing this short-term funding source with longer-term, lower-cost funding,” said Al Lord, Vice Chairman and Chief Executive Officer.
These facilities included commitments from Bank of America, JPMorgan Chase, Barclays Capital, Deutsche Bank, Credit Suisse and The Royal Bank of Scotland among others.
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