Davis Polk advised SLM Corporation in connection with an accelerated share repurchase transaction it entered into with a financial institution, pursuant to which SLM is repurchasing an aggregate of $525 million of its common stock. Under the terms of the transactions, SLM will receive an initial delivery of its common stock at the beginning of the transaction. The final number of shares to be repurchased under the transaction will be based on a discount to the volume-weighted average stock price during the term of such transaction.
Headquartered in Newark, Delaware, SLM Corporation, more commonly known as Sallie Mae, operates a consumer banking business whose primary activity is the origination and servicing of private education loans.
The Davis Polk equity derivatives team included partner Mark J. DiFiore and associate Stockton Bullitt. The tax team included partner Lucy W. Farr and associate Rebecca A. Rosen. All members of the Davis Polk team are based in the New York office.