Sallie Mae priced its $995.8 million SLM Student Loan Trust 2013-5 that is backed by student loans that are reinsured by the U.S. Department of Education for at least 97% of defaulted and accrued interest.
The deal was upsized on Thursday from $747 million. The class A-1, triple-A rated notes priced at 26 basis points over the one-month Libor, according to a pricing document filed with the Securities and Exchange Commission.
The class A-2, triple-A notes priced at 40 basis points over the one-month Libor. The class A-3 notes, also rated triple-A priced at 60 basis points over the one-month Libor.
The class B notes, rated single-A plus, priced at 150 basis points over the one-month Libor.
Moody’s Investor Service and Fitch Ratings assigned ratings to the deal. J.P. Morgan and RBS Securities were lead managers on the deal; Deutsche Bank and Goldman Sachs were the co-managers.