SLM (SLM) said Monday it entered into a $200 million accelerated share repurchase, or ASR, agreement with Goldman Sachs (GS).

This buyback will be conducted under a $500 million share repurchase program authorized by the company's board on Jan. 22. The company said it will prefund the $200 million ASR on March 10 and expects to receive and retire a significant portion of the shares shortly after execution.

The company expects the transactions under the ASR to be completed before the end of Q2.

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