Mar 09, 2026 (MarketLine via COMTEX) --
Sallie Mae entered into a $200 million accelerated share repurchase agreement with Goldman Sachs & Co. LLC.
Sallie Mae (Nasdaq: SLM) formally SLM Corporation, today announced that it has entered into a $200 million accelerated share repurchase ("ASR") agreement with Goldman Sachs & Co. LLC ("Goldman Sachs").
The ASR and any future share repurchases will be conducted under the $500 million share repurchase program authorized by Sallie Mae's Board of Directors, effective Jan. 22, 2026.
"Following our fourth-quarter earnings announcement, pursuant to our $500 million share repurchase authorization, we promptly implemented a dynamic repurchase plan, which was fully executed amid the significant market dislocation experienced over the past several weeks," said Jon Witter, Chief Executive Officer, Sallie Mae. "Today's accelerated share repurchase announcement, together with shares already repurchased this quarter, brings our first-quarter share repurchases and commitments to nearly $300 million, reflecting our disciplined approach to capital allocation and our belief in the power of our franchise. We will continue to evaluate other options to generate capital for share repurchases during this period of market dislocation and would hope to exhaust most, if not all, of our current $500 million authorization in 2026."
On March 10, 2026, the company will prefund a $200 million ASR with Goldman Sachs and expects to receive and retire a significant portion of the shares shortly after execution, providing the company with prompt share count reduction.
The final number of shares to be repurchased will be based on the volume-weighted average price of the company's common stock during the term of the ASR agreement, less a discount and subject to customary adjustments. At final settlement, the company may receive additional shares or, under certain circumstances, may be required to deliver shares or make a cash payment pursuant to the terms of the ASR agreement.
The transactions under the ASR agreement are expected to be completed prior to the end of the second quarter of 2026.
Additional information regarding today's announcement can be found in a Form 8-K that Sallie Mae will file with the U.S. Securities and Exchange Commission.
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