Sallie Mae is marketing its third offering of the year of bonds backed by private student loans.

The $674 million SMB Private Education Loan Trust 2016-C will issue four tranches of notes with preliminary ratings from Moody’s Investors Service: $247 million of floating-rate notes with a legal final maturity of November 2023, $228 million of fixed-rate notes due September 2034, and $150 million of floating-rate notes due September 2034 are all rated ‘AAA.’ There is also a $50 million tranche of fixed-rate notes due November 2040 rated ‘Aa3.’

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