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SLM > SEC Filings for SLM > Form 8-K on 6-May-2014All Recent SEC Filings

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Form 8-K for SLM CORP


6-May-2014

Other Events, Financial Statements and Exhibits


ITEM 8.01 OTHER EVENTS.

On April 30, 2014, the previously announced spin-off of Navient Corporation ("Navient") from SLM Corporation ("Sallie Mae" or the "Company") was completed. Navient became a separate, publicly-traded company that operates the education loan management, servicing and asset recovery business previously owned by Sallie Mae. The spin-off was completed through the distribution to Sallie Mae's stockholders of all the shares of common stock of Navient (the "Distribution"). In the Distribution, Sallie Mae distributed to its stockholders one share of Navient common stock for every share of Sallie Mae common stock outstanding as of the close of business on April 22, 2014, the record date for the Distribution.
The March 31, 2014 unaudited carved out pro forma condensed consolidated financial and statistical information of Sallie Mae is derived from the historical financial statements of the Company, as adjusted to give effect to the Distribution of the Navient common stock to Sallie Mae's stockholders, and is attached to this Current Report on Form 8-K as Exhibit 99.1. Additionally, Exhibit 99.1 includes certain other audited carved out consolidated financial information of Sallie Mae and its wholly-owned subsidiary Sallie Mae Bank for the years ended December 31, 2013, 2012 and 2011, adjusted to give effect to the Distribution of the Navient common stock to Sallie Mae's stockholders and presented on a basis of accounting that reflects a change in reporting entity. Please see the disclosure set forth under Item 1.01 of the Current Report on Form 8-K filed by Sallie Mae with the United States Securities and Exchange Commission on May 2, 2014 regarding the material agreements entered into in connection with Distribution, which is incorporated by reference into this Item 2.01 and this Item 8.01.



ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

   (d)     Exhibits

Exhibit
Number     Description
12.1*      Computation of Ratio of Earnings to Fixed Charges.
21.1*      List of Subsidiaries.
23.1*      Consent of KPMG LLP.
99.1*      (a) SLM Corporation Unaudited Pro Forma Condensed Consolidated
           Financial Statements.
           (b) The consolidated financial statements of SLM Corporation as of
           December 31, 2013 and 2012 and for the years ended December 31, 2013,
           2012 and 2011 and the Report of Independent Registered Public
           Accounting Firm.
101.INS*   XBRL Instance Document.
101.SCH*   XBRL Taxonomy Extension Schema Document.
101.CAL*   XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF*   XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB*   XBRL Taxonomy Extension Label Linkbase Document.
101.PRE*   XBRL Taxonomy Extension Presentation Linkbase Document.

* Filed herewith.


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