{"id":764238,"date":"2023-06-15T17:24:58","date_gmt":"2023-06-15T21:24:58","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/sallie-mae-announces-libor-transition-updates-for-preferred-stock-and-asset-backed-securities\/"},"modified":"2023-06-15T17:24:58","modified_gmt":"2023-06-15T21:24:58","slug":"sallie-mae-announces-libor-transition-updates-for-preferred-stock-and-asset-backed-securities","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/sallie-mae-announces-libor-transition-updates-for-preferred-stock-and-asset-backed-securities\/","title":{"rendered":"Sallie Mae Announces LIBOR Transition Updates for Preferred Stock and Asset-Backed Securities"},"content":{"rendered":"

<\/p>\n

Sallie Mae Announces LIBOR Transition Updates for <\/b>Preferred Stock and Asset-Backed Securities<\/b><\/p>\n

NEWARK, Del.–(BUSINESS WIRE<\/a>)–
\nSallie Mae\u00ae (Nasdaq: SLM), formally SLM Corporation, today provided LIBOR transition updates for its Floating-Rate Non-Cumulative Preferred Stock, Series B, and its floating-rate asset-backed securities:<\/p>\n

Preferred Stock<\/b><\/p>\n

\nSallie Mae today announced the dividends on its Floating-Rate Non-Cumulative Preferred Stock, Series B (\u201cPreferred Stock\u201d), 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 0.26161% (the \u201cThree-Month Index Replacement Rate\u201d) by operation of law pursuant to the terms, and the safe harbor provisions, of the Adjustable Interest Rate (LIBOR) Act (\u201cLIBOR Act\u201d).<\/p>\n

\nThe 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 \u201cCessation Date\u201d), when three-month USD LIBOR is expected to either cease being published or no longer be representative.<\/p>\n

\nBecause quarterly dividends on Sallie Mae\u2019s 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\u2019s 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.<\/p>\n

\nAdditional information regarding Sallie Mae\u2019s Preferred Stock will be available by accessing the Depository Trust & Clearing Corporation\u2019s Legal Notice System (LENS).<\/p>\n

Asset-Backed Securities<\/b><\/p>\n

\nSallie 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 (\u201cNotes\u201d) will transition from using one-month USD LIBOR as an index to one-month CME Term SOFR plus a tenor spread adjustment of 0.11448% (the \u201cOne-Month Index Replacement Rate\u201d) (i) by operation of law, pursuant to the LIBOR Act, or (ii) pursuant to the terms of such Notes.<\/p>\n

\nThe 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.<\/p>\n

\nAdditional information regarding the Notes will be available by accessing the LENS.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Notes<\/b><\/p>\n<\/td>\n

\n

CUSIP No.<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\nSMB Private Education Loan Trust2014-A A3<\/p>\n<\/td>\n

\n

\n784456AD7<\/p>\n<\/td>\n<\/tr>\n

\n

\nSMB Private Education Loan Trust 2015-A A3<\/p>\n<\/td>\n

\n

\n78448PAD2<\/p>\n<\/td>\n<\/tr>\n

\n

\nSMB Private Education Loan Trust 2015-B A3<\/p>\n<\/td>\n

\n

\n78448QAD0<\/p>\n<\/td>\n<\/tr>\n

\n

\nSMB Private Education Loan Trust 2015-C A3<\/p>\n<\/td>\n

\n

\n78448RAD8<\/p>\n<\/td>\n<\/tr>\n

\n

\nSMB Private Education Loan Trust 2016-A A2B<\/p>\n<\/td>\n

\n

\n78449FAC5<\/p>\n<\/td>\n<\/tr>\n

\n

\nSMB Private Education Loan Trust 2016-A B<\/p>\n<\/td>\n

\n

\n78449FAD3<\/p>\n<\/td>\n<\/tr>\n

\n

\nSMB Private Education Loan Trust 2016-B A2B<\/p>\n<\/td>\n

\n

\n78449GAC3<\/p>\n<\/td>\n<\/tr>\n

\n

\nSMB Private Education Loan Trust 2016-B B<\/p>\n<\/td>\n

\n

\n78449GAD1<\/p>\n<\/td>\n<\/tr>\n

\n

\nSMB Private Education Loan Trust 2016-C A2B<\/p>\n<\/td>\n

\n

\n78449KAC4<\/p>\n<\/td>\n<\/tr>\n

\n

\nSMB Private Education Loan Trust 2017-A A2B<\/p>\n<\/td>\n

\n

\n78448WAC9<\/p>\n<\/td>\n<\/tr>\n

\n

\nSMB Private Education Loan Trust 2017-B A2B<\/p>\n<\/td>\n

\n

\n83189DAC4<\/p>\n<\/td>\n<\/tr>\n

\n

\nSMB Private Education Loan Trust 2018-A A2B<\/p>\n<\/td>\n

\n

\n78449PAC3<\/p>\n<\/td>\n<\/tr>\n

\n

\nSMB Private Education Loan Trust 2018-B A2B<\/p>\n<\/td>\n

\n

\n78449LAC2<\/p>\n<\/td>\n<\/tr>\n

\n

\nSMB Private Education Loan Trust 2018-C A2B<\/p>\n<\/td>\n

\n

\n78449QAC1<\/p>\n<\/td>\n<\/tr>\n

\n

\nSMB Private Education Loan Trust 2019-A A2B<\/p>\n<\/td>\n

\n

\n78449TAC5<\/p>\n<\/td>\n<\/tr>\n

\n

\nSMB Private Education Loan Trust 2019-B A2B<\/p>\n<\/td>\n

\n

\n83192CAC1<\/p>\n<\/td>\n<\/tr>\n

\n

\nSMB Private Education Loan Trust 2020-A A2B<\/p>\n<\/td>\n

\n

\n78449UAC2<\/p>\n<\/td>\n<\/tr>\n

\n

\nSMB Private Education Loan Trust 2020-B A1B<\/p>\n<\/td>\n

\n

\n78449XAB8<\/p>\n<\/td>\n<\/tr>\n

\n

\nSLM Private Education Loan Trust 2020-PTA A-2B<\/p>\n<\/td>\n

\n

\n78449VAC0<\/p>\n<\/td>\n<\/tr>\n

\n

\nSLM Private Education Loan Trust 2020-PTB A-2B<\/p>\n<\/td>\n

\n

\n78449DAC0<\/p>\n<\/td>\n<\/tr>\n

\n

\nSMB Private Education Loan Trust 2021-A A2A1<\/p>\n<\/td>\n

\n

\n78448YAB7<\/p>\n<\/td>\n<\/tr>\n

\n

\nSMB Private Education Loan Trust 2021-A A2A2 144A<\/p>\n<\/td>\n

\n

\n78448YAK7<\/p>\n<\/td>\n<\/tr>\n

\n

\nSMB Private Education Loan Trust 2021-A A2A2 REGS<\/p>\n<\/td>\n

\n

\nU8306CAK0<\/p>\n<\/td>\n<\/tr>\n

\n

\nSMB Private Education Loan Trust 2021-C A2<\/p>\n<\/td>\n

\n

\n83208AAD5<\/p>\n<\/td>\n<\/tr>\n

\n

\nSMB Private Education Loan Trust 2021-D A1B<\/p>\n<\/td>\n

\n

\n78449MAB2<\/p>\n<\/td>\n<\/tr>\n

\n

\nSMB Private Education Loan Trust 2021-E A1B<\/p>\n<\/td>\n

\n

\n78450MAB8<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

Sallie Mae<\/b> (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 the United States of America.<\/p>\n

\nCategory: Corporate and Financial<\/p>\n

\"\"<\/p>\n

View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20230615511238\/en\/<\/a><\/span><\/p>\n

Media
\n<\/b>
Rick Castellano
\n
302.451.2541
\n
rick.castellano@salliemae.com<\/a><\/p>\n

Investors
\n<\/b>
Melissa Bronaugh
\n
571.526.2455
\n
Melissa.Bronaugh@SallieMae.com<\/a><\/p>\n

KEYWORDS:<\/b> United States North America Delaware<\/p>\n

INDUSTRY KEYWORDS:<\/b> Banking Personal Finance Professional Services Finance<\/p>\n

MEDIA:<\/b><\/p>\n\n\n\n\n
Logo<\/b><\/font><\/td>\n<\/tr>\n
\"Logo\"<\/td>\n<\/tr>\n
<\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Sallie Mae Announces LIBOR Transition Updates for Preferred Stock and Asset-Backed Securities NEWARK, Del.–(BUSINESS WIRE)– Sallie Mae\u00ae (Nasdaq: SLM), formally SLM Corporation, today provided LIBOR transition updates for its Floating-Rate Non-Cumulative Preferred Stock, Series B, and its floating-rate asset-backed securities: Preferred Stock Sallie Mae today announced the dividends on its Floating-Rate Non-Cumulative Preferred Stock, Series B (\u201cPreferred Stock\u201d), 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 0.26161% (the \u201cThree-Month Index Replacement Rate\u201d) by operation of law pursuant to the terms, and the safe harbor provisions, of the Adjustable Interest Rate (LIBOR) Act (\u201cLIBOR Act\u201d). The replacement of … <\/p>\n

Continue reading “Sallie Mae Announces LIBOR Transition Updates for Preferred Stock and Asset-Backed Securities”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-764238","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nSallie Mae Announces LIBOR Transition Updates for Preferred Stock and Asset-Backed Securities - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/sallie-mae-announces-libor-transition-updates-for-preferred-stock-and-asset-backed-securities\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sallie Mae Announces LIBOR Transition Updates for Preferred Stock and Asset-Backed Securities - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Sallie Mae Announces LIBOR Transition Updates for Preferred Stock and Asset-Backed Securities NEWARK, Del.–(BUSINESS WIRE)– Sallie Mae\u00ae (Nasdaq: SLM), formally SLM Corporation, today provided LIBOR transition updates for its Floating-Rate Non-Cumulative Preferred Stock, Series B, and its floating-rate asset-backed securities: Preferred Stock Sallie Mae today announced the dividends on its Floating-Rate Non-Cumulative Preferred Stock, Series B (\u201cPreferred Stock\u201d), 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 0.26161% (the \u201cThree-Month Index Replacement Rate\u201d) by operation of law pursuant to the terms, and the safe harbor provisions, of the Adjustable Interest Rate (LIBOR) Act (\u201cLIBOR Act\u201d). 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/sallie-mae-announces-libor-transition-updates-for-preferred-stock-and-asset-backed-securities\/","og_locale":"en_US","og_type":"article","og_title":"Sallie Mae Announces LIBOR Transition Updates for Preferred Stock and Asset-Backed Securities - Market Newsdesk","og_description":"Sallie Mae Announces LIBOR Transition Updates for Preferred Stock and Asset-Backed Securities NEWARK, Del.–(BUSINESS WIRE)– Sallie Mae\u00ae (Nasdaq: SLM), formally SLM Corporation, today provided LIBOR transition updates for its Floating-Rate Non-Cumulative Preferred Stock, Series B, and its floating-rate asset-backed securities: Preferred Stock Sallie Mae today announced the dividends on its Floating-Rate Non-Cumulative Preferred Stock, Series B (\u201cPreferred Stock\u201d), 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 0.26161% (the \u201cThree-Month Index Replacement Rate\u201d) by operation of law pursuant to the terms, and the safe harbor provisions, of the Adjustable Interest Rate (LIBOR) Act (\u201cLIBOR Act\u201d). The replacement of … Continue reading \"Sallie Mae Announces LIBOR Transition Updates for Preferred Stock and Asset-Backed Securities\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/sallie-mae-announces-libor-transition-updates-for-preferred-stock-and-asset-backed-securities\/","og_site_name":"Market Newsdesk","article_published_time":"2023-06-15T21:24:58+00:00","og_image":[{"url":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&sty=20230615511238r1&sid=flmnd&distro=nx&lang=en","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/sallie-mae-announces-libor-transition-updates-for-preferred-stock-and-asset-backed-securities\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/sallie-mae-announces-libor-transition-updates-for-preferred-stock-and-asset-backed-securities\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Sallie Mae Announces LIBOR Transition Updates for Preferred Stock and Asset-Backed Securities","datePublished":"2023-06-15T21:24:58+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/sallie-mae-announces-libor-transition-updates-for-preferred-stock-and-asset-backed-securities\/"},"wordCount":787,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/sallie-mae-announces-libor-transition-updates-for-preferred-stock-and-asset-backed-securities\/#primaryimage"},"thumbnailUrl":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&sty=20230615511238r1&sid=flmnd&distro=nx&lang=en","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/sallie-mae-announces-libor-transition-updates-for-preferred-stock-and-asset-backed-securities\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/sallie-mae-announces-libor-transition-updates-for-preferred-stock-and-asset-backed-securities\/","name":"Sallie Mae Announces LIBOR Transition Updates for Preferred Stock and Asset-Backed Securities - 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