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Navient offering $500M in senior notes

Navient Corp. filed a prospectus for an offering of about $500 million of its 6.750% senior notes due June 15, 2026.

The trade date is June 7 and the settlement date is June 11. Interest on the notes is payable June 15 and Dec. 15 of each year, starting Dec. 15.

Net proceeds to the company from the offering, before expenses, are expected to be $495 million. Navient expects to use the proceeds for general corporate purposes, including debt repurchases.

Barclays Capital Inc., Merrill Lynch Pierce Fenner & Smith Inc. and RBC Capital Markets LLC are acting as joint book-running managers for the offering. Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC and Wells Fargo Securities LLC are acting as co-managers.