RESTON, Va., Dec. 20 /PRNewswire-FirstCall/ -- SLM Corporation (NYSE:
SLM), commonly known as Sallie Mae, announced today that it has entered
into a series of transactions with its equity forward contract
counterparties and Citibank, N.A. to assign those equity forward contracts
to Citibank N.A.
In connection with the agreement, Citibank and Sallie Mae have amended
the terms of the contracts so that there will be no trigger prices. The
contracts will terminate Feb. 22, 2008.
(Logo: http://www.newscom.com/cgi-bin/prnh/20030617/SLMLOGO-a )
"Core earnings" net income is a non-GAAP financial measure. The Company
cannot present forward-looking information on earnings on a GAAP basis due
to the inability to forecast the effect of certain items that are excluded
from the Company's core earnings presentations that could result in
significant variability in reported results. Specifically, "core earnings"
differs from GAAP by reporting all securitization transactions as long-term
non-recourse financings, which means reporting net interest income instead
of gains on sale from securitization transactions and servicing and
securitization revenue, not including the periodic unrealized gains and
losses that are attributable primarily to mark-to-market derivative
valuations under GAAP, excluding Floor Income when it is not economically
hedged, as well as excluding goodwill and intangible impairment and the
amortization of acquired intangibles. Additional information on the
Company's "core earnings" net income financial measure is available in the
Company's reports on Form 10-K and Forms 10-Q.
This press release contains "forward-looking statements" including
expectations as to future market share, the success of preferred channel
originations and future results. These statements are made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform Act of
1995. Because such statements inherently involve risks and uncertainties,
actual results may differ materially from those expressed or implied by
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, adverse results in legal
disputes, changes in the demand for educational financing or in financing
preferences of educational institutions, students and their families, and
changes in the general interest rate environment. For more information, see
the Company's filings with the Securities and Exchange Commission. The
Company does not undertake any obligation to update or revise these forward
looking statements to conform the statement to actual results or changes in
the Company's expectations.
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 $160 billion in education loans and serves nearly 10
million student and parent customers. Through its Upromise affiliates, the
company also manages $19 billion in 529 college-savings plans, and 8
million members have joined Upromise to help save for college with rewards
on purchases at nearly 70,000 places. 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
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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:
Media, Tom Joyce, +1-703-984-5610,
tom.joyce@salliemae.com, or Investors, Steve McGarry,
+1-703-984-6746, steven.j.mcgarry@salliemae.com, both of Sallie
Mae
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