The Firm represented the underwriters, led by UBS Securities LLC and Citigroup Global Markets Inc, in the December 2007 offerings of 1,150,000 shares of 7.25% Mandatory Convertible Preferred Stock, Series C (including full exercise of the over-allotment option), and 101,781,170 shares of common stock of SLM Corporation, commonly known as Sallie Mae, for aggregate gross proceeds of approximately $3.15 billion.
Sallie Mae is the largest source of funding, delivery and servicing support for education loans in the United States. Its common stock is traded on the New York Stock Exchange under the symbol "SLM."
The Simpson Thacher team for this transaction included, among many others, Lee Meyerson, Roxane Reardon, David Dwyer, Scott Fisher, Angela Park, Samuel Porter and Joyce Xu (corporate), and Marcy Geller and Jason Vollbracht (tax).