<SEC-DOCUMENT>0001193125-20-286946.txt : 20201228
<SEC-HEADER>0001193125-20-286946.hdr.sgml : 20201228
<ACCEPTANCE-DATETIME>20201105165355
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ACCESSION NUMBER:		0001193125-20-286946
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20201105

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SLM Corp
		CENTRAL INDEX KEY:			0001032033
		STANDARD INDUSTRIAL CLASSIFICATION:	PERSONAL CREDIT INSTITUTIONS [6141]
		IRS NUMBER:				522013874
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		300 CONTINENTAL DRIVE
		CITY:			NEWARK
		STATE:			DE
		ZIP:			19713
		BUSINESS PHONE:		(302) 283-8000

	MAIL ADDRESS:	
		STREET 1:		300 CONTINENTAL DRIVE
		CITY:			NEWARK
		STATE:			DE
		ZIP:			19713

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SLM CORP
		DATE OF NAME CHANGE:	20030326

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SALLIE MAE
		DATE OF NAME CHANGE:	20020517

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	USA EDUCATION INC
		DATE OF NAME CHANGE:	20000801
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<TYPE>CORRESP
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>New York <BR>Northern California <BR>Washington DC <BR>S&atilde;o Paulo <BR>London</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>Paris <BR>Madrid <BR>Tokyo <BR>Beijing <BR>Hong Kong</B></TD></TR>
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<TD VALIGN="bottom" COLSPAN="3"><FONT STYLE="font-size:8pt">John B. Meade</FONT></TD>
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<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">Davis Polk&nbsp;&amp; Wardwell LLP <BR>450 Lexington Avenue <BR>New York, NY 10017</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">212 450 4077 tel</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">212 701 5077 fax</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman">john.meade@davispolk.com</P></TD>
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</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">November&nbsp;5, 2020 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>SLM Corporation </B></P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Schedule <FONT STYLE="white-space:nowrap">TO-I</FONT> </B></P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Filed October&nbsp;27, 2020 </B></P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>File <FONT STYLE="white-space:nowrap">No.&nbsp;005-51535</FONT> </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">VIA EDGAR </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Valian&nbsp;A. Afshar </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Special Counsel </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Mergers&nbsp;&amp; Acquisitions </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange
Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, DC 20549-3628
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Mr.&nbsp;Afshar, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On behalf of SLM Corporation, a
Delaware corporation (the &#147;<B>Company</B>&#148;), this letter sets forth the Company&#146;s responses to the comments from the staff of the Division of Corporation Finance (the &#147;<B>Staff</B>&#148;) of the Securities and Exchange Commission
(the &#147;<B>Commission</B>&#148;) relating to the Company&#146;s Schedule <FONT STYLE="white-space:nowrap">TO-I</FONT> (File <FONT STYLE="white-space:nowrap">No.&nbsp;005-51535,</FONT> the &#147;<B>Schedule TO</B>&#148;) contained in the
Staff&#146;s letter dated November&nbsp;2, 2020 (the &#147;<B>Comment Letter</B>&#148;). In response to the comments set forth in the Comment Letter, the Company has revised the Schedule TO and is filing Amendment No.&nbsp;2 to the Schedule TO
(&#147;<B>Amendment No.</B><B></B><B>&nbsp;2</B>&#148;) together with this response letter. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Set forth below are the Company&#146;s responses to the
Staff&#146;s comments. For convenience, the Staff&#146;s comments are repeated below in italics, followed by the Company&#146;s response to the comments as well as a summary of the responsive actions taken. We have included item numbers to refer to
the location in Amendment No.&nbsp;2 where the revised language addressing a particular comment appears. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Schedule
<FONT STYLE="white-space:nowrap">TO-I</FONT> </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Exhibit (a)(1)(A) &#150; Offer to Purchase </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>General </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note that the Offer is for up to 2,000,000 shares of the Securities, which, if fully tendered, would
comprise 50% of the currently outstanding Securities. We further note your disclosure on pages 11 and 12 indicating that you &#147;may acquire Securities that remain outstanding&#148; in the future. Notwithstanding your disclosures in response to
Items 6(c) and 13 of the Schedule TO, please confirm your understanding that if the Company conducts a subsequent acquisition of the Securities that has a reasonable likelihood or purpose of producing one of the effects enumerated in Rule <FONT
STYLE="white-space:nowrap">13e-3(a)(3)(ii),</FONT> the Offer could be deemed the first step in a series of transactions that constitute a Rule <FONT STYLE="white-space:nowrap">13e-3</FONT> transaction. See Rule
<FONT STYLE="white-space:nowrap">13e-3(a)(3)</FONT> and Q&amp;A #4 of Release <FONT STYLE="white-space:nowrap">No.&nbsp;34-17719.</FONT></I> </P></TD></TR></TABLE>
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<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Valian&nbsp;A. Afshar</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Special
Counsel</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Mergers&nbsp;&amp; Acquisitions</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of
Corporation Finance</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">November&nbsp;5, 2020</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company respectfully submits that the tender offer (the
&#147;<B>Offer&#148;) is not a Rule <FONT STYLE="white-space:nowrap">13e-3</FONT> transaction as the Offer does not have either a reasonable likelihood of, or the purpose of producing, either directly or indirectly, any of the effects described in
Rule <FONT STYLE="white-space:nowrap">13e-3(a)(3)(ii).</FONT> By offering to purchase no more than 2,000,000 of the outstanding 4,000,000 shares of the Series B Preferred Stock, neither the listing of the Series B Preferred Stock on the NASDAQ
Global Select Market, nor the obligation to report to the Commission associated with the Series B Preferred Stock, will be eligible for termination or suspension. Further, the Company has no current plans, in connection with the Offer or otherwise,
to pursue a transaction or subsequent acquisition of Series B Preferred Stock that would have a reasonable likelihood of, or the purpose of producing, any of the effects described in Rule <FONT STYLE="white-space:nowrap">13e-3(a)(3)(ii).</FONT> To
remove any ambiguity with respect to its intent in this regard, the Company has deleted the paragraph subtitled &#147;</B><I>The Securities may be acquired by the Company other than through the Offer in the future</I><B>&#148; in the section
entitled &#147;Certain Significant Considerations&#148; and the first sentence of the third paragraph of the <FONT STYLE="white-space:nowrap">sub-section</FONT> entitled &#147;</B><I>Proration</I><B>&#148; in &#147;Section&nbsp;1, Number of
Securities; Expiration Date.&#148; On that basis, the Company respectfully submits that the Offer is not, and should not be deemed to be, the first step in a series of transactions that is reasonably likely to constitute a Rule <FONT
STYLE="white-space:nowrap">13e-3</FONT> transaction. In the future, if the Company undertakes a transaction with respect to the shares of Series B Preferred Stock then outstanding that has a reasonable likelihood of producing, or the purpose of
which is to produce, one of the effects enumerated in Rule <FONT STYLE="white-space:nowrap">13e-</FONT> 3(a)(3)(ii), the Company will comply with the rules applicable to a Rule <FONT STYLE="white-space:nowrap">13e-3</FONT> transaction. </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Purpose of the Offer, page 13 </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note the following statement: &#147;The principal purpose of the Offer is to reduce our future dividend
payments and to enhance our capital structure.&#148; Please revise this statement to provide additional detail clarifying how the Offer would &#147;enhance&#148; your capital structure. See Items 1006(a) and 1011(c) of Regulation <FONT
STYLE="white-space:nowrap">M-A.</FONT> Please also make any conforming changes to similar statements made elsewhere in the Offer to Purchase.</I> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has revised the Offer to Purchase to remove the phrase &#147;and to enhance our capital
structure&#148; or similar phrases from places in which it appears in the Offer to Purchase. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Procedures for Tendering the Securities, page 13 </U></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note your statements on page 16 indicating that certain of your determinations and interpretations
&#147;will be final and binding on all parties.&#148; Please revise these statements to remove the implication that shareholders may not challenge your determinations and interpretations in a court of competent jurisdiction.</I>
</P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has added additional disclosure to the Offer to Purchase. In
particular, the Company has added the phrase &#147;, subject to a shareholder&#146;s right to challenge our determination in a court of competent jurisdiction&#148; to the end of the first and third sentences in the paragraph entitled
&#147;Determination of Validity; Rejection of Securities; Waiver of Defects; No Obligation to Give Notice of Defects&#148; in Section&nbsp;3, &#147;Procedures for Tendering the Securities&#148; and to the end of the second sentence of the third
paragraph in Section&nbsp;4, &#147;Withdrawal Rights.&#148; </P>
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<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Valian&nbsp;A. Afshar <BR>Special Counsel</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Mergers&nbsp;&amp; Acquisitions</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation
Finance</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">3</TD>
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<TD VALIGN="bottom" ALIGN="right">November&nbsp;5, 2020</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Miscellaneous, page 28 </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note the following statement: &#147;If, after such good faith effort, the Company cannot comply with the
applicable law, the Company will not make the Offer to (nor will tenders be accepted from or on behalf of) the holders of Securities in that jurisdiction.&#148; While offer materials need not be disseminated into jurisdictions where such a
distribution would be impermissible, please remove the implication that tendered Securities will not be accepted from all shareholders. See Rule <FONT STYLE="white-space:nowrap">13e-4(f)(8)(i)</FONT> and guidance in Section II.G.1 of Exchange Act
Release No.</I><I></I><I>&nbsp;58597 (September 19, 2008).</I> </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has
revised the Offer to Purchase to remove the phrase &#147;(nor will tenders be accepted from or on behalf of)&#148; or similar phrases from places in which it appears in the Offer to Purchase. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please do not hesitate to contact me at <FONT STYLE="white-space:nowrap">(212)&nbsp;450-4077</FONT> or john.meade@davispolk.com if you have any questions
regarding the foregoing or if I can provide any additional information. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Very truly yours, </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">/s/ John B. Meade </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">John B. Meade </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Steven J. McGarry </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Michael Sheehan </P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>SLM Corporation </I></P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Marisa D. Stavenas </P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>Simpson Thacher</I><I></I><I>&nbsp;&amp; Bartlett LLP</I> </P></TD></TR></TABLE>
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