Sallie Mae 2015 Annual Report Download - page 131
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SLM CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, unless otherwise noted)
9. Borrowings (Continued)
F-41
December 31, 2015 Year Ended
December 31, 2015
Ending Balance
Weighted
Average
Interest Rate Average Balance
Weighted
Average
Interest Rate
Short-term borrowings:
ABCP Facility . . . . . . . . . . . . . . . . . . . . . . . $ 500,175 0.84% $ 135,064 3.10%
Maximum outstanding at any month end. . . $ 710,005
Long-term Borrowings
On July 30, 2015, we executed our SMB Private Education Loan Trust 2015-B term ABS transaction, which was
accounted for as a secured financing. A total of $714.0 million of notes were issued in connection with the transaction. We
retained a 5 percent or $33.0 million interest in the Class A and B notes, a 100 percent or $50 million interest in the Class C
notes and 100 percent of the residual certificates issued in the securitization. $630.8 million of notes from the securitization
were sold to third-parties, raising $623.0 million of gross proceeds. The Class A and B notes had a weighted average life of 4.8
years and priced at a weighted average LIBOR equivalent cost of 1 month LIBOR plus 1.53 percent. At December 31, 2015,
$687.3 million of our Private Education Loans were encumbered as a result of this transaction.
The following table summarizes the outstanding long-term borrowings, the weighted average interest rates at the end of
the period and the related average balance during the period. Rates reflect stated interest of borrowings and related discounts
and premiums. The long-term borrowings amortize over time and mature serially from 2023 to 2040.
December 31, 2015
Year Ended
December 31,
2015
Ending Balance
Weighted
Average
Interest Rate Average Balance
Floating rate borrowings . . . . . . . . . . . . . . . $ 337,098 1.38% $ 151,373
Fixed rate borrowings . . . . . . . . . . . . . . . . . $ 242,003 3.11% $ 102,386
Total long-term borrowings . . . . . . . . . . . . . $ 579,101 2.10% $ 253,759