Benzinga | Feb 2, 2021 09:09AM EST

Sallie Mae Commences Cash Tender Offer To Purchase Up To $1B In Value Of Shares Of Its Common Stock

Sallie Mae(r) (NASDAQ:SLM), formally SLM Corporation, announced today the commencement of a tender offer (the "Offer") to purchase up to $1 billion in aggregate purchase price of its outstanding shares of common stock, par value $0.20 per share (the "Securities"), or such lesser aggregate purchase price of the Securities as are properly tendered and not properly withdrawn, at a single per-Security price not greater than $15.00 nor less than $13.10 per share to the seller in cash, less any applicable withholding taxes and without interest.