Sallie Mae 2015 Annual Report Download - page 132

SLM CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, unless otherwise noted)
9. Borrowings (Continued)
F-42
Secured Financings
Issue Date Issued Total Issued To Third-Parties Weighted Average Cost of Funds(1) Weighted Average Life
Private Education:
2015-B . . . . . . . . . . . . . . . . . . . July 2015 $ 630,800 1 month LIBOR plus 1.53% 4.82
Total notes issued in 2015. . . . . . . . . . . . . . . . . . . . $ 630,800
Total loan amount securitized in secured financing
in 2015. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 745,580
____________
(1) Represents LIBOR equivalent cost of funds for floating and fixed rate bonds, excluding issuance costs.
Consolidated Funding Vehicles
We consolidate our financing entities that are VIEs as a result of our being the entities’ primary beneficiary. As a result,
these financing VIEs are accounted for as secured borrowings. We consolidate the following financing VIEs as of December 31,
2015:
December 31, 2015
Debt Outstanding Carrying Amount of Assets Securing Debt Outstanding
Short-Term Long-Term Total Loans Restricted
Cash Other Assets(1) Total
Secured borrowings:
Private Education Loan
term securitization . . . . . . $ — $ 579,101 $ 579,101 $ 687,298 $ 9,996 $ 45,566 $ 742,860
ABCP Facility . . . . . . . . . 500,175 — 500,175 923,687 12,443 58,095 994,225
Total. . . . . . . . . . . . . . . . . $ 500,175 $ 579,101 $ 1,079,276 $ 1,610,985 $ 22,439 $ 103,661 $ 1,737,085
________
(1) Other assets primarily represents accrued interest receivable.
Other Borrowing Sources
We maintain discretionary uncommitted Federal Funds lines of credit with various correspondent banks, which totaled
$100.0 million at December 31, 2015. The interest rate we are charged on these lines of credit is priced at Fed Funds plus a
spread at the time of borrowing, and is payable daily. We did not utilize these lines of credit in the years ended December 31,
2015, 2014 and 2013.