"Sallie Mae Close To New Financing, But At A Price" writes Dow Jones via CNNMoney. The article writes about a big refinancing in the asset-backed commercial paper (ABCP) market, "Sallie Mae, which needs the financing for its student-lending business over the next year, will likely secure the deal at costly terms, said an asset-backed commercial paper investor.... This market, where a borrower such as Sallie Mae secures funding through an asset-backed commercial paper line with a pool of student loans it holds, has steadily shrunk in size since last fall as investors fearful of exposure to souring risky mortgages have scaled back." It continues, "I don't think money-market funds have been buying new Sallie Mae paper for some time now," said Peter Crane, president of Crane Data LLC in Westboro, Mass., a service that tracks money markets, which are heavy investors in commercial paper.

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