Sallie Mae 2015 Annual Report Download - page 164
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SLM CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, unless otherwise noted)
F-74
24. Subsequent Event
On February 25, 2016, we amended and extended the maturity of the ABCP Facility, discussed in Note 9, “Borrowings.”
The amended ABCP Facility is a $750.0 million ABCP Facility, under which the full $750.0 million is available for us to
draw. Under the amended ABCP Facility, we incur financing costs of between 0.35 percent and 0.45 percent on unused
borrowing capacity and approximately 3 month LIBOR plus 1.00 percent on outstandings. 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 (or
earlier, if certain material adverse events occur).