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Sallie Mae redeeming series of cumulative preferred shares

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Sallie Mae redeeming series of cumulative preferred shares

Sallie Mae plans to redeem the outstanding 3.3 million shares of its 6.97% series A cumulative redeemable preferred stock May 5.

The preferred stock will receive its next quarterly dividend payment May 1. The company will redeem these shares for $50.00 per share, plus accrued and unpaid dividends from May 1 to, but excluding, the May 5 redemption date.