Sallie Mae plans to issue the first private student loans backed ABS via its $1.1 billion SLM Private Education Loan Trust 2013-A (SLM 2013-A).
The deal has been assigned preliminary ratings by Moody’s Investors Service and Standard & Poor’s. The capital structure includes $833 million ‘Aaa’/‘AAA’ rated, floating rate notes; and $143 million, of ‘Aaa’/‘AAA’ rated fixed rate notes. The structure will also issue $132 million of ‘A2’/‘A’ rated, fixed rate notes. Barclays Capital, Credit Suisse, and RBC Capital Markets are lead managers on the deal.