Sallie Mae with its SLM Private Education Loan Trust 2011-A. The Moody's Investors Service-rated portion of the 144A SLABS is worth $562 million.
The joint book runners in the deal are Bank of America Merrill Lynch and JPMorgan Securities. The trustee on the deal is The Bank of New York Mellon Trust Co.
The transaction is backed by the student loan lender's (1) private credit student loans and (2) career training loans, according to Moody's.
Private credit student loans are made to borrowers attending undergraduate, graduate or professional programs.
Meanwhile, career training loans are made to borrowers who attend technical training, trade and vocational schools, on-line courses and certain Title-IV schools where the student is not seeking a degree.
These are also aimed at parents or other individuals so that they can fund the cost of children attending private tutoring centers or private kindergarten via secondary school.