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4T 7J5'7 FE D ERAL RE SE RV E BANK O F N E W YORK Fiscal Agent of the United States for the Student Loan Marketing Association r SLMA Offering No. 2 l U J October 23, 1973 Invitation for Bids on $100,000,000 of 182-Day STUDENT LOAN M ARKETING ASSOCIATION NOTES Dated November 1, 1973 Due May 2, 1974 To Certain U. S. Government Bond Dealers, Commercial Banks, and Commercial Paper Dealers: Following is the text of an invitation authorized by the Student Loan Marketing Association to be issued today to certain U. S. Government bond dealers, commercial banks, and commercial paper dealers: Student Loan Marketing Association invites bids $100,000,000 due M ay 2, for of the its purchase Notes 1974. The to the ( “ N otes” ) Notes will ( “ Sallie M ae” ) aggregate dated be November issued on hereby amount a 1, of 1973, discount the Federal Reserve Bank of N ew Y ork, following which public announcement will be made by price Sallie Mae range of accepted bids. Those of the amount and submitting successful bids will be informed by the Federal Reserve Bank of N ew Y ork of basis at the Head Office of the Federal Reserve Bank of N ew the acceptance thereof. Sallie Mae expressly reserves the right to Y ork and at maturity their face amount will be payable without accept or reject any or all bids, in whole or in part, and its action interest at any Federal Reserve Bank or Branch. They will be in any such respect shall be final. issued in bearer form in denominations of $10,000, $25,000, $100,000, and $1,000,000 (maturity value). Denominational exchanges may be effected at the Head Office of the Federal Reserve Bank of N ew Y ork. Bids will be received at the Securities Department of the Head Office of the Federal Reserve Bank of N ew Y ork up to the closing hour, 30, 1 :30 p.m., Eastern Standard time, Tuesday, October 1973. N o bids will be accepted for a face amount of Notes less than $1,000,000. Bids must be for a multiple of $10,000 and the price offered must be expressed on the basis of 100, with not more than three decimals, e.g., 99.925. Fractions may not be used. It is urged that bids be made on the printed forms and forwarded in the special envelopes which will be supplied by the Federal Reserve Bank of N ew Y ork upon application therefor. Invitations for bids are being issued to U. S. Government bond dealers who make primary markets in Government securities and report daily to the Federal Reserve Bank of N ew Y ork their positions with respect to Government securities and borrowings thereon, commercial banks which are members of the Dealer Bank Association, and certain commercial paper dealers. Other com mercial banks, trust companies, or recognized dealers in investment Settlement for accepted bids must be made at the Federal Reserve Bank of N ew Y ork on November 1, 1973 in cash or other immediately available funds. Payment of the principal amount of the Notes when due is guaranteed by the Secretary of Health, Education and W elfare, whose guarantee is backed by the full faith and credit of the United States. The Notes are negotiable but are not redeemable prior to maturity. The Notes will be issued pursuant to Section 4 3 9 (h )(1 ) of the 1972 A ct of 1965 (the “ A ct” ) Amendments to the Higher Education to provide funds for general corporate purposes, including programs developed by Sallie Mae for ware housing and secondary market activities designed to provide liquidity for insured student loans made by eligible lenders, in accordance with the Act. Income derived from the Notes will be subject to Federal income taxation. The A ct does not contain any specific exemptions with respect to taxes now or hereafter imposed on the principal of or interest on the Notes by any State, or any of the possessions of the United States, or by any local taxing authority. A circular describing Sallie Mae and the Notes may be obtained securities desiring to bid may do so on bid forms obtained from upon request directed to Sallie M ae’s offices at 1750 K the Federal Reserve Bank of N ew York. Bids submitted hereunder N .W ., W ashington, D. C. 20006 or to the Federal Reserve Bank must be for the principal account of the bidder and not for the of N ew account of others. address: Federal Reserve Bank of New Immediately after the closing hour, bids will be opened at York, 33 Liberty Street, New Y ork, N. Y. Street, (mailing York, Federal Reserve P. O. Station, N ew Y ork, N . Y . 10045). This Bank will receive bids in accordance with the foregoing invitation up to 1 :30 p.m., Eastern Standard time, Tuesday, October 30, 1973 at the Securities Department of its Head Office. Please use the form on the reverse side of this notice to submit bids and return them sealed in the enclosed envelope marked “ Bid for Sallie Mae Notes.” Bids may be submitted by telegraph, subject to written confirmation; they may not be submitted by telephone. Settle ment must be made in immediately available funds at this Bank on Thursday, November 1, 1973. A lfred H ayes, President. ( over) No. Bid for 182-Day Student Loan Marketing Association Notes Dated November 1, 1973 Due May 2, 1974 Dated at , 1973 To F e d e r a l R e s e r v e B a n k o f N e w Y o r k , Fiscal Agent of the United States for the Student Loan Marketing Association: Pursuant to the provisions of the Invitation for Bids issued by Student Loan Marketing Association ( “ Sallie Mae” ) inviting bids for the above-described Notes and printed on the reverse side hereof, the un dersigned hereby offers to purchase such Notes in the amount indicated below, and agrees to make payment therefor at your Bank on or before the issue date at the price indicated below: $ .................................................. (maturity value) or any lesser amount that may be awarded. Price..................................... per 100 (Price must be expressed with not more than three decimal places, for example, 99.925) Subject to allotment, please issue, deliver, and accept payment for the Notes as indicated below: Pieces M aturity V alue D enom inations $ □ 1. D eliver over the counter to the undersigned □ 2. Ship to the undersigned 10,000 □ 3. H o ld in safekeeping (for account o f m em ber bank o n ly )* 25,000 □ 4. Special instructions: 100,000 1, 000,000 Total * T h e undersigned (m em ber bank) hereby certifies that the N o te s to be held in safekeeping w ill be owned solely by the undersigned. P aym en t w ill be made as fo llo w s: □ B y check in im m ediately available filnds □ B y charge to our reserve account □ B y wire transfer from another Federal Reserve Bank or Branch N a m e o f subscriber (Please print) B y .................................... (A uthorized corporation officer or partner) T itle ............................... A d d ress ........................ IN S T R U C T IO N S : 1. Submit all bids sealed in an envelope marked “ Bid for Sallie Mae Notes.” 2. N o bid for less than $1,000,000 will be considered and each bid must be for a multiple of $10,000 (maturity value). 3. If the language of a bid is changed from the foregoing in any respect, which, in the opinion of Sallie Mae is material, the bid may be disregarded.
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