Sallie Mae Announces LIBOR Transition Updates for Preferred Stock and 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
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
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
Category: Corporate and Financial
View source version on businesswire.com: https://www.businesswire.com/news/home/20230615511238/en/
Media
Rick Castellano
302.451.2541
rick.castellano@salliemae.com
Investors
Melissa Bronaugh
571.526.2455
Melissa.Bronaugh@SallieMae.com
Source: Sallie Mae
