Sallie Mae 2015 Annual Report Download - page 130

SLM CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, unless otherwise noted)
F-40
9. Borrowings
Outstanding borrowings consist of secured borrowings issued through our term ABS program and our ABCP Facility. The
following table summarizes our secured borrowings at December 31, 2015. We had no secured borrowings outstanding at
December 31, 2014.
December 31, 2015
Short-Term Long-Term Total
Secured borrowings:
Private Education Loan term securitizations $ — $ 579,101 $ 579,101
ABCP Facility . . . . . . . . . . . . . . . . . . . . . . . 500,175 — 500,175
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 500,175 $ 579,101 $ 1,079,276
Short-term Borrowings
Asset-Backed Commercial Paper Funding Facility
On December 19, 2014, we closed on a $750.0 million ABCP Facility. Pursuant to FDIC safe harbor guidelines, we
retained a 5 percent or $37.5 million ownership interest in the ABCP Facility, resulting in $712.5 million of funds available for
us to draw under the ABCP Facility. During 2015, we incurred financing costs under the ABCP Facility of approximately 0.40
percent on average on unused borrowing capacity and approximately 3 month LIBOR plus 0.80 percent on outstandings under
the ABCP Facility. At December 31, 2015, $500.2 million was outstanding under the ABCP Facility, net of our 5 percent
retention. At December 31, 2015, $923.7 million of our Private Education Loans were encumbered to support outstandings
under the ABCP Facility. On February 25, 2016, we amended and extended the maturity of the ABCP Facility. The amended
ABCP Facility extends the revolving period, during which we may borrow, repay and reborrow funds, until February 23,
2017. The scheduled amortization period, during which amounts outstanding under the ABCP Facility must be repaid, ends on
February 23, 2018. For additional information, see Note 24, “Subsequent Event.”
Short-term borrowings have a remaining term to maturity of one year or less. The following table summarizes the
outstanding short-term borrowings, the weighted average interest rates at the end of the period and the related average balance
and weighted average interest rates during the period. The ABCP Facility's contractual maturity is two years from the date of
inception or renewal (one year revolving period plus a one year amortization period); however, we classify advances under our
ABCP Facility as short term borrowings because it is our intention to repay those advances within one-year. Rates reflect stated
interest of borrowings and related discounts and premiums.