With a shelf registration in place, Citigroup subsidiary Student Loan Corp. is planning its first-ever securitization in the coming months, perhaps in the first quarter, according to a company official.
The issuer still needs SEC approval for the offering, which takes at least 30 days and sometimes longer for first-time issuers.
Although it is premature to discuss the size of any offering at this point, SLC has already tapped sister-company Citi/Salomon as lead manager for its inaugural offering.
Connecticutbased SLC originates approximately $2 billion to $3 billion of student loans a year and had previously funded itself by primarily using internal lines of credit as well as commercial paper borrowings.
In a related note, Salomon led the first student loan deal for issuer Wells Fargo on November 15, 2001.
