Sallie Mae priced an upsized, $994 million student loan securitization, according to a regulatory filing.

The deal, originally sized at $750 million, is backed by Federal Family Education Loan Program loans that are insured by the U.S. Department of Education. It consists of three classes of floating-rate notes rated ‘AAA’/’Aaa’ by Fitch Ratings and Moody’s Investors Service.

A $272 million tranche due May 2019 pays one-month Libor plus 28 basis points;  a $184 million tranche due July 2021 pays Libor plus 38 basis points; and a $510.6 million tranche due February 2019 pays Libor plus 60 basis points;

There is also a subordinated, $27.3 million tranche due June 2047 with preliminary ratings of  ‘A’/’Aa1’. It pays Libor plus 150 basis points.

Credit Suisse, Deutsche Bank Securities and J.P. Morgan are the lead managers.

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