<div><div></div><div>SLM closed a $500 million offering of fixed-to-floating rate senior notes due 2032, issued under its indenture with Deutsche Bank National Trust Company as trustee. The notes pay 6.495% semi-annually through May 15, 2031, then float at Benchmark plus 271 basis points with quarterly payments to maturity. Proceeds will fund a tender offer for SLM's 3.125% notes due 2026 and repay any remaining 2026 notes at maturity, strengthening liquidity and extending the company's debt maturity profile. In connection with the transaction, SLM also entered into an underwriting agreement with J.P. Morgan Securities and Barclays, as representatives of the underwriters, to place the notes.Agreement 1: SLM Closes $500 Million 6.495% Fixed-to-Floating Senior Notes Due 2032 to Refinance 2026 Debt<ul><li>Agreement type: Issuance of 6.495% fixed-to-floating rate senior notes due 2032; supplemental indenture</li><li>Counterparty: Deutsche Bank National Trust Company</li><li>Signed / Effective: May 15 2026 / same</li><li>Duration / Termination: 6 years</li><li>Reason: Refinance 2026 notes and extend debt maturity profile</li></ul>Agreement 2: SLM Enters Underwriting Agreement With J.P. Morgan and Barclays for $500 Million Notes Offering<ul><li>Agreement type: Underwriting agreement for senior notes offering</li><li>Counterparty: J.P. Morgan Securities and Barclays</li><li>Signed / Effective: May 06 2026 / same</li><li>Duration / Termination: Transaction-specific</li><li>Reason: Execute offering and distribute notes to investors</li></ul>Original SEC Filing: SLM Corp [ SLM ] - 8-K - May. 15, 2026<section>Disclaimer<div>This is an AI-powered summary. It may contain inaccuracies. Consider verifying important information with the source. Please note this summary is solely based on documents filed with the SEC.</div></section></div></div>

SLM has closed a $500 million offering of fixed-to-floating rate senior notes due 2032, with a 6.495% interest rate. The proceeds will refinance SLM's 3.125% notes due 2026, enhancing liquidity and extending the debt maturity profile. An underwriting agreement was also established with J.P. Morgan and Barclays for the notes offering.

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Barclays

Deutsche Bank AG

SLM CORP PREF SHARE SLMA V0 P12/31/49 B

Deutsche Bank AG Subscription Rights

Deutsche Postbank AG

JPMORGAN CHASE & CO. 4.20% DEP SHS REPSTG 1/400TH PFD SER MM

JPMORGAN CHASE & CO. 6%NON CUM DEP SHS REP 1/400TH PFD SER EE

JPMORGAN CHASE & CO. DEP REP 1/400TH (5.75% NON CUM PFD DD)

JPMORGAN CHASE & CO. 4.625% DEP SH RE 1/400TH INT NO CU PF LL

JPMorgan Chase & Co.

JPMORGAN CHASE & CO. 4.55% DEP SHS REPSTG 1/400TH PFD SER JJ

JPMORGAN CHASE & CO. 4.75 DEP SHS REP 1/400 NCUM PFD SR GG

SLM Closes $500 Million 6.495% Fixed-to-Floating Senior Notes Due 2032 to Refinance 2026 Debt