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Sallie Mae closes $200M senior notes offering

Sallie Mae has closed its offering of $200 million aggregate principal amount of its 5.125% senior notes due April 5, 2022.

The notes bear an annual interest rate of 5.125%, payable April 5 and Oct. 5 each year, starting Oct. 5.

The company plans to use the net proceeds from the offering to redeem its outstanding 6.97% series A cumulative redeemable preferred stock, and for general corporate purposes.

J.P. Morgan Securities LLC and RBC Capital Markets LLC served as underwriters for the offering.