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Bingham

Bingham

Firm Represents Sallie Mae in Student Loan Corp. Deal

AmLaw Daily, Sept. 17, 2010 — Student Loan Corp. (SLC), which is majority owned by Citigroup, has agreed to sell itself and its assets to three different buyers, including Citi and loan giant Sallie Mae. Five firms advised on the deal, including Bingham following its combination with McKee Nelson in 2009. Discover Financial Services, best known for its credit cards, agreed to purchase SLC for $600 million. In addition to buying the business itself, Discover is also purchasing approximately $4.2 billion of private loans from SLC at about 91.5 cents on the dollar. Sallie Mae is purchasing $28 billion of securitized loans from SLC, while Citi is buying an additional $8.7 billion of the remaining SLC assets. Bingham, which handled the work for Sallie Mae, got involved because of the prior relationship between Sallie Mae and key partners at McKee Nelson, including Reed Auerbach. The team also included partners John Utzschneider and Steve Levitan; counsel Jason Rodriguez; and associate Elizabeth Sartori. News of this deal was also reported by the Wall Street Journal.
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