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Prospectus Supplement to Prospectus dated April 28, 2003
$2,273,799,400*
SLM Student Loan Trust 2003-5
Issuer
SLM Funding LLC
Depositor
Sallie Mae Servicing L.P.
Servicer
Student Loan-Backed Securities
On May 20, 2003, the trust will issue:
Class | Principal | Interest Rate | Maturity | |||
---|---|---|---|---|---|---|
Class A-1 Notes | $223,682,000 | 3-month LIBOR plus 0.01% | September 15, 2009 | |||
Class A-2 Notes | $287,274,000 | 3-month LIBOR plus 0.03% | December 17, 2012 | |||
Class A-3 Notes | $304,424,000 | 3-month LIBOR plus 0.10% | December 15, 2015 | |||
Class A-4 Notes | $323,311,000 | 3-month LIBOR plus 0.21% | December 17, 2018 | |||
Class A-5 Notes | €638,000,000 | 3-month EURIBOR plus 0.27% | June 17, 2024 | |||
Class A-6 Notes | $100,000,000 | Auction | June 17, 2030 | |||
Class A-7 Notes | $100,000,000 | Auction | June 17, 2030 | |||
Class A-8 Notes | $100,000,000 | Auction | June 17, 2030 | |||
Class A-9 Notes | $35,200,000 | Auction | June 17, 2030 | |||
Class B Notes | $68,250,000 | Auction | September 15, 2039 |
* Assuming $1.1468 converts to €1.00.
The trust will make payments primarily from collections on a pool of consolidation student loans. In general, the trust will allocate principal first sequentially to the class A-1 through class A-5 notes, in that order, until paid in full, then pro rata, in lots, to the class A-6 through class A-9 notes until paid in full, and finally, in lots, to the class B notes until paid in full. Interest on the class B notes will be subordinate to interest on the class A notes and principal on the class B notes will be subordinate to both principal and interest on the class A notes, in each case as set forth in this prospectus supplement.
We are offering the notes through the underwriters at the prices shown below, when and if issued. We have applied for a listing of the class A-1 through class A-5 notes on the Luxembourg Stock Exchange.
You should consider carefully the risk factors beginning on page S-21 of this supplement and on page 20 of the prospectus.
The notes are asset-backed securities issued by a trust. They are not obligations of SLM Corporation, the depositor, Sallie Mae, the servicer or any of their affiliates.
The notes are not guaranteed or insured by the United States or any governmental agency.
| Price to Public | Underwriting Discount | Proceeds to the Depositor | |||
---|---|---|---|---|---|---|
Per Class A-1 Note | 100.0% | 0.170% | 99.830% | |||
Per Class A-2 Note | 100.0% | 0.200% | 99.800% | |||
Per Class A-3 Note | 100.0% | 0.225% | 99.775% | |||
Per Class A-4 Note | 100.0% | 0.250% | 99.750% | |||
Per Class A-5 Note | 100.0% | 0.350% | 99.650% | |||
Per Class A-6 Note | 100.0% | 0.200% | 99.800% | |||
Per Class A-7 Note | 100.0% | 0.200% | 99.800% | |||
Per Class A-8 Note | 100.0% | 0.200% | 99.800% | |||
Per Class A-9 Note | 100.0% | 0.200% | 99.800% | |||
Per Class B Note | 100.0% | 0.400% | 99.600% |
We expect the proceeds to the depositor to be $2,267,847,157 before deducting expenses payable by the depositor estimated to be $983,387.
Neither the SEC nor any state securities commission has approved or disapproved the securities or determined whether this supplement or the prospectus is accurate or complete. Any contrary representation is a criminal offense.
Credit Suisse First Boston |
JPMorgan |
Morgan Stanley |
Joint Book-Runners |
________________ |
Fortis Bank Euro Co-Manager |
May 8, 2003
SLM Funding LLC, as the Registrant for the Trust, is filing this Prospectus Supplement on behalf of the Trust, solely to obtain a Central Index Key number and access codes for the Commission's Electronic Data Gathering, Analysis, and Retrieval ("EDGAR") system for the Trust. The original Prospectus Supplement for the Trust's securities was filed with the Commission on May 15, 2003 and can be found atLink to http://www.sec.gov/Archives/edgar/data/949114/000104746903018885/a2111426z424b5.htm. The orginal Prospectus Supplement, as amended, is incorporated herein by reference.
Purpose of this Filing