SLM Corporation, known as Sallie Mae, priced a public offering of $500 million aggregate principal amount of 6.495% Fixed-to-Floating Rate Senior Notes due 2032 at par, according to a company statement.

The notes are expected to be issued on May 15, 2026, subject to customary closing conditions. J.P. Morgan Securities LLC and Barclays Capital Inc. serve as joint book-running managers for the offering, while BofA Securities, Inc., Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, and RBC Capital Markets, LLC act as co-managers.

SLM Corporation (NASDAQ: SLM) plans to use the net proceeds to fund the purchase of up to $500 million in aggregate principal amount of its 3.125% notes due 2026 through a tender offer announced the same day. The proceeds will cover accrued and unpaid interest and related fees and expenses. Any remaining net proceeds will be used to repay outstanding 2026 notes at maturity after the tender offer.

The company filed a registration statement with the Securities and Exchange Commission for the senior notes offering, which became automatically effective upon filing on July 31, 2024. The registration statement includes a base prospectus and preliminary prospectus supplement dated May 6, 2026.

SLM Corporation operates as a private student lending company and provides financing to support access to college education.