SALLIE MAE <SLM> OFFERS FIXED RATE NOTES
The Student Loan Marketing
Association, Sallie Mae, announced an offering of 100 mln dlrs
of three-year fixed rate notes redeemable at maturity in the
U.S. dollar equivalent of 145.2 mln Australian dlrs.
    It said the 12.125 pct obligation will be priced at par and
sold in the United States in a public offering managed by
Morgan Stanley.
    Interest payments on the notes will be made semiannually in
U.S. dlrs starting on Sept 20, 1987, Sallie Mae said.
    It added that the notes are due march 20, 1990.
    Sallie Mae said it will enter into a separate currency
exchange agreement to convert the principal payment at maturity
from Australian dollars to U.S. dollars.
    It said the notes will be issued in registered form and be
available in denominations of 10,000 U.S. dlrs and in 5,000 dlr
increments above that amount.
    Sallie Mae said proceeds will be used for general corporate
purchases.
 Reuter
