World News: 21:10 GMT Wednesday 12th June 2019. [Navient Corporation via Globe Newswire via SPi World News]
WILMINGTON, Del., June 12, 2019 (GLOBE NEWSWIRE) -- Navient (Nasdaq: NAVI), a leader in education loan management and business processing solutions, today announced its first issuance of unrated, pass-through securities totaling $412 million. The collateral backing the NAVSL 2019-PT-A transaction consists entirely of high-credit quality, fixed-rate private education refinance loans.
“This transaction demonstrates the additional funding sources available in the market beyond our traditional asset-backed securities program and highlights the value of our private education refinance loan product,” said Chris Lown, CFO of Navient.
This transaction is accounted for as a sale of the loans and as a result, Navient expects to recognize for GAAP and Core Earnings a pre-tax gain on sale of approximately $16 million in the second quarter of 2019. Navient has also retained the servicing rights for the loans.
Goldman Sachs & Co. LLC served as initial purchaser and bookrunner on the transaction.
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Globe Newswire: 21:10 GMT Wednesday 12th June 2019
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