Global law firm Clifford Chance has advised KKR on acquiring student loans from Sallie Mae through a multi-year agreement.
Under the terms of the agreement, KKR expects to purchase an initial seed portfolio of private education loans followed by a minimum of US$2 billion in newly originated loans annually, for an initial three-year term. KKR’s investment comes from KKR-managed credit funds and accounts via the firm’s Asset-Based Finance strategy.
Partner Alistair Dunlop led the transaction along with partner Jim Cotins, associates Tom Kearney, Grace Mayes and Frano Katalinic. They were supported by partner Darren Littlejohn and expatriate lawyer Sam Steinert on hedging matters; and partner Jim Gouwar and associate Michaela Morr on tax matters.
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