NEWARK, Del.--(BUSINESS WIRE)--
Sallie Mae, formally known as SLM Corporation (NASDAQ: SLM), today
announced the completion of the companyís first asset-backed
securitization as a standalone consumer banking business and the
definitive agreement for its first loan sale.
The off-balance sheet securitization consisted of approximately $380
million of Smart Option Student Loans. All securities, including the
entire residual interest in the loans, were privately placed with a
single, third-party investment manager.
The company has also signed a definitive agreement to sell approximately
$820 million of Smart Option Student Loans to Navient Corporation. The
loan sale is expected to close in August.
On April 30, 2014, Sallie Mae completed the strategic spin off of its
portfolio management, loan servicing and asset recovery businesses.
Today, the company focuses exclusively on products and services that
help families save, plan and pay responsibly for college. Sallie Mae has
previously stated its intent to sell a portion of the loans it
originates as part of its new business model.
Sallie Mae (NASDAQ: SLM) is the nationís No. 1 financial services
company specializing in education. Whether college is a long way off or
just around the corner, Sallie Mae turns education dreams into reality
for American families. With products and services that include Upromise
rewards, scholarship search and planning tools, private education loans,
insurance, and online banking, Sallie Mae offers solutions that help
families save, plan, and pay for college. Learn more at SallieMae.com.
Commonly known as Sallie Mae, SLM Corporation and its subsidiaries are
not sponsored by or agencies of the United States of America.
Martha Holler, 302-451-4900
Source: Sallie Mae