Sallie Mae Closes $31.3B In New Financing Facilities >SLM
Sallie Mae Closes $31.3B In New Financing Facilities >SLM
Last Update: 2/29/2008 6:15:26 PM
Corrected Friday, February 29, 2008 18:13 ET (23:13 GMT)
DOW JONES NEWSWIRES
SLM Corp., (SLM) also known as Sallie Mae, said it closed $31.3 billion in
asset-backed commercial paper and term loan facilities that will provide funding
for its federally guaranteed and private student loans.
The new financing facilities, which Sallie Mae expects to increase to as much as
$34 billion, include commitments from Bank of America Corp. (BAC), JPMorgan Chase
& Co. (JPM), Deutsche Bank AG (DB), Credit Suisse Group (CS), Royal Bank of
Scotland Group PLC (RBS) and UBS AG (UBS).
Sallie Mae said it expects funding under the commitments to begin the first week
of March.
The terms and conditions are consistent with Sallie Mae’s assumptions for 2008
earnings guidance.
-Jennifer Hodson; 201-938-5400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
February 29, 2008 18:15 ET (23:15 GMT)
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