SLM Corp., the nation's largest student lender, said Thursday it sold $2.5 billion of 8.45 percent, 10-year senior unsecured notes priced to yield 8.75 percent.
The company, commonly known as Sallie Mae, said that demand for the unsecured notes was much greater than the amount of notes issued. It was the first unsecured notes issue for Sallie Mae since March 2007.
Sallie Mae said it expects to offer unsecured bonds more regularly in the future.
Lead managers on the issue were Banc of America Securities, Merrill Lynch and Deutsche Bank.
Shares rose 39 cents to $21.87 shortly after the opening bell.
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