SCHEDULE
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SLM
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N
E W S R E L E A S E
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| FOR IMMEDIATE RELEASE | Media Contact: |
| Tom Joyce | |
| 703/984-5610 |
SALLIE
MAE ISSUES STATEMENT ON LIQUIDITY FACILITIES
RESTON,
Va., April 18, 2007
- SLM
Corporation (NYSE:SLM), commonly known as Sallie Mae, re-affirmed today that
it
has obtained commitments on customary commercial terms from Bank of America
and
JPMorgan Chase to provide liquidity through asset-backed commercial paper
conduit facilities in the combined amount of $30 billion during the period
prior
to the closing of the acquisition of Sallie Mae that was announced on April
16.
“We
believe this amount, combined with existing liquidity, should be sufficient
to
meet the company’s entire cash needs beyond an expected closing date and through
the end of the year, even if no additional securities are issued during that
time,” said J. Lance Franke, senior vice president, Corporate Finance, Sallie
Mae. “With these facilities in place, Sallie Mae should have no need to access
the capital markets during this time; however, we do expect to resume issuance
of our traditional asset-backed securities within the next couple of months.
“Upon
closing, the banks will have committed significant amounts of lending and
loan
purchase facilities to assure our liquidity needs will be met for quite some
time, regardless of market conditions,” said Franke. “We and our prospective
investors are highly confident in our financing plans.”
IMPORTANT
ADDITIONAL INFORMATION REGARDING THE MERGER WILL BE FILED WITH THE
SEC:
In
connection with the proposed merger, the Company will file a proxy statement
with the Securities and Exchange Commission (the “SEC”). INVESTORS AND SECURITY
HOLDERS ARE ADVISED TO READ THE PROXY STATEMENT WHEN IT BECOMES AVAILABLE
BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION ABOUT THE MERGER AND THE PARTIES
TO THE MERGER. Investors and security holders may obtain a free copy of the
proxy statement (when available) and other relevant documents filed with
the SEC
from the SEC’s website at http://www.sec.gov. The Company's security holders and
other interested parties will also be able to obtain, without charge, a copy
of
the proxy statement and other relevant documents (when available) by directing
a
request by mail or telephone to Investor Relations, SLM Corporation,
12061
Bluemont Way, Reston, Va. 20190,
telephone (703)
984-6746,
or from
the Company’s Web site, http://www.salliemae.com.
The
Company and its directors, executive officers and other members of its
management and employees may be deemed to be participants in the solicitation
of
proxies from the Company’s shareholders with respect to the Merger. Information
about the Company’s directors and executive officers and their ownership of the
Company’s common stock is set forth in the proxy statement for the Company’s
2007 Annual Meeting of Shareholders, which was filed with the SEC on April
9,
2007. Shareholders and investors may obtain additional information regarding
the
interests of the Company and its directors and executive officers in the
Merger,
which may be different than those of the Company’s shareholders generally, by
reading the proxy statement and other relevant documents regarding the Merger,
which will be filed with the SEC.
Forward
Looking Statements:
This
press release contains “forward-looking statements” including
expectations
as to future results. These statements are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
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Sallie
Mae
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12061
Bluemont Way
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Reston,
Va
20190
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www.SallieMae.com
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Because
such statements inherently involve risks and uncertainties, actual results
may
differ materially from those expressed or implied by such forward-looking
statements. Such risks include, among others, changes in the terms of student
loans and the educational credit marketplace arising from the implementation
of
applicable laws and regulations, and from changes in such laws and regulations,
changes in the demand for educational financing or in financing preferences
of
educational institutions, students and their families, and changes in the
general interest rate environment. For more information, see the company's
filings with the Securities and Exchange Commission.
***
SLM
Corporation
(NYSE:
SLM), commonly known as Sallie Mae, is the nation’s leading provider of saving-
and paying-for-college programs. The company manages $142 billion in education
loans and serves nearly 10 million student and parent customers. Through
its
Upromise affiliates, the company also manages $15 billion in 529 college-savings
plans, and assists 7.5 million members with automatic savings through rebates
on
everyday purchases. Sallie Mae and its subsidiaries offer debt management
services as well as business and technical products to a range of business
clients, including higher education institutions, student loan guarantors
and
state and federal agencies. More information is available at www.salliemae.com.
SLM
Corporation and its subsidiaries are not sponsored by or agencies of the
United
States of America.
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