Sallie Mae (NASDAQ: SLM) announced the completion of its tender offer for 3.125% senior notes due 2026, receiving tenders for $448.4 million in aggregate principal amount, representing 89.68% of the outstanding notes.

The tender offer expired at 5 p.m. New York time on May 12, 2026. An additional $226,000 in notes remain subject to guaranteed delivery procedures outlined in the offer documents.

The company will pay $995.83 for each $1,000 principal amount of notes validly tendered, plus accrued interest up to the settlement date of May 15, 2026. All purchased notes will be cancelled following settlement.

The tender offer was conducted in connection with a new debt securities offering, with proceeds from the new issuance used to fund the note repurchase. The company retained J.P. Morgan Securities LLC as the exclusive dealer manager for the transaction.

Sallie Mae stated it expects to repay any remaining notes not tendered at their maturity. The company plans to deposit sufficient funds with Deutsche Bank National Trust Company as trustee to satisfy the indenture governing the remaining notes shortly after the settlement date.

The tender offer was not conditioned on any minimum amount of notes being tendered but was contingent on completion of the new notes offering.