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Needing a drastic increase in funds to back the huge debt, Sallie Mae went public in September 1983, with a 6 million share stock offering Demand for out stripped that 6 million level, so the sale was increased first to 8 million and finally to 10 million shares...
Concurrent with the public offering of non voting shares, Sallie Mae went into a 35 for stock split of its voting shares those which were bought in 1974 by universities and banks Institutions with voting shares got to convert about one third of their new post split shares into non voting shares and sell them and altogether an additional 1.5 million shares entered the market. So what was planned as an offer of 6 million shares at $17 a share ended up as a sale of 11.5 million shares at $20 a share...
...never expected the split between voting and non voting shares," says Harvard Financial Vice President Thomas O Brien one of 21 board members of Sallie Mae Voting stock traded at $16 at the time of the public offering while non voting started at $22 and later jumped to $28 a share. "If we knew what the split in values was going to be we definitely would have sold," he adds...
...Sallie Mae's success says Longenecher has fostered a highly competitive environment for student loans. "There are very few pockets of unmet need for secondary markets today and so you will find Sallie Mae marketing more aggressively. I'd say that now, we almost have the opposite problem almost too competitive and environment. A lot of people are trying to make the faster profits that Sallie Mae...
...says that Sallie Mae recently received an 'AAA' rating for credit worthiness making it one of only three financial institutions in the country with the highest possible rating. This means the company can borrow at lower interest rates and increase its profits handsomely...