Sallie Mae Announces New $6.8 Billion Credit Facility, Eliminates Conduit Financing Six Months Ahead of Schedule
June 10, 2013 at 16:16 PM EDT
Sallie Mae today announced that it closed a new $6.8 billion credit facility to facilitate term securitization of its federally guaranteed (FFELP) loans. The facility was oversubscribed by a syndicate of eight global financial institutions. The facility is secured exclusively by FFELP loans and will amortize over a one-year period.