RESTON, Va., April 18 /PRNewswire-FirstCall/ -- SLM Corporation (NYSE:
SLM), commonly known as Sallie Mae, re-affirmed today that it has obtained
commitments on customary commercial terms from Bank of America and JPMorgan
Chase to provide liquidity through asset-backed commercial paper conduit
facilities in the combined amount of $30 billion during the period prior to
the closing of the acquisition of Sallie Mae that was announced on April
16.
(Logo: http://www.newscom.com/cgi-bin/prnh/20030617/SLMLOGO-a )
"We believe this amount, combined with existing liquidity, should be
sufficient to meet the company's entire cash needs beyond an expected
closing date and through the end of the year, even if no additional
securities are issued during that time," said J. Lance Franke, senior vice
president, Corporate Finance, Sallie Mae. "With these facilities in place,
Sallie Mae should have no need to access the capital markets during this
time; however, we do expect to resume issuance of our traditional
asset-backed securities within the next couple of months.
"Upon closing, the banks will have committed significant amounts of
lending and loan purchase facilities to assure our liquidity needs will be
met for quite some time, regardless of market conditions," said Franke. "We
and our prospective investors are highly confident in our financing plans."
Forward Looking Statements:
This press release contains "forward-looking statements" that are based
on management's current expectations as of the date of this document. When
used in this release, the words "should" "expect" and similar expressions
are intended to identify forward-looking statements. These statements are
made pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements are subject
to risks, uncertainties, assumptions and other factors that may cause the
actual results to be materially different from those reflected in such
forward-looking statements. Such risks include, among others, changes in
the terms of student loans and the educational credit marketplace arising
from the implementation of applicable laws and regulations, and from
changes in such laws and regulations, changes in the demand for educational
financing or in financing preferences of educational institutions, students
and their families, contractual risks including termination of credit
facilities in accordance with their terms, changes in the company's
portfolio mix, changes in investor's demand for the company's or
affiliate's securities, changes in prepayment rates and credit spreads,
changes in the asset backed or securities markets in general, changes in
debt securities ratings, and changes in the general interest rate
environment. For more information, see the company's filings with the
Securities and Exchange Commission.
IMPORTANT ADDITIONAL INFORMATION REGARDING THE MERGER WILL BE FILED
WITH THE SEC:
In connection with the proposed merger, the Company will file a proxy
statement with the Securities and Exchange Commission (the "SEC").
INVESTORS AND SECURITY HOLDERS ARE ADVISED TO READ THE PROXY STATEMENT WHEN
IT BECOMES AVAILABLE BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION ABOUT
THE MERGER AND THE PARTIES TO THE MERGER. Investors and security holders
may obtain a free copy of the proxy statement (when available) and other
relevant documents filed with the SEC from the SEC's website at
http://www.sec.gov. The Company's security holders and other interested
parties will also be able to obtain, without charge, a copy of the proxy
statement and other relevant documents (when available) by directing a
request by mail or telephone to Investor Relations, SLM Corporation, 12061
Bluemont Way, Reston, Va. 20190, telephone (703) 984-6746, or from the
Company's Web site, http://www.salliemae.com.
The Company and its directors, executive officers and other members of
its management and employees may be deemed to be participants in the
solicitation of proxies from the Company's shareholders with respect to the
Merger. Information about the Company's directors and executive officers
and their ownership of the Company's common stock is set forth in the proxy
statement for the Company's 2007 Annual Meeting of Shareholders, which was
filed with the SEC on April 9, 2007. Shareholders and investors may obtain
additional information regarding the interests of the Company and its
directors and executive officers in the Merger, which may be different than
those of the Company's shareholders generally, by reading the proxy
statement and other relevant documents regarding the Merger, which will be
filed with the SEC.
SLM Corporation (NYSE: SLM), commonly known as Sallie Mae, is the
nation's leading provider of saving- and paying-for-college programs. The
company manages $142 billion in education loans and serves nearly 10
million student and parent customers. Through its Upromise affiliates, the
company also manages $15 billion in 529 college-savings plans, and assists
7.5 million members with automatic savings through rebates on everyday
purchases. Sallie Mae and its subsidiaries offer debt management services
as well as business and technical products to a range of business clients,
including higher education institutions, student loan guarantors and state
and federal agencies. More information is available at http://www.salliemae.com.
SLM Corporation and its subsidiaries are not sponsored by or agencies of
the United States of America.
SOURCE Sallie Mae
 back to top
Related links:
http://www.salliemae.com/
Photo Notes:
NewsCom: http://www.newscom.com/cgi-bin/prnh/20030617/SLMLOGO-a
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
http://www.prnewswire.com/comp/827187.html/
CONTACT:
Tom Joyce of Sallie Mae, +1-703-984-5610
|
