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Sallie Mae prices $200M senior notes offering

Sallie Mae priced $200 million of its previously announced public notes offering.

The company plans to offer 5.125% senior notes due April 5, 2022, at par value. The notes are expected to be issued April 5, 2017, subject to customary closing conditions. Sallie Mae intends to use the net proceeds to redeem its outstanding 6.97% series A preferred stock and for general corporate purposes.

J.P. Morgan Securities LLC and RBC Capital Markets LLC are serving as joint book-running managers.