Navient Corp. completed the $500.0 million public offering of its 6.750% senior notes due 2026.
Interest on the notes is payable June 15 and Dec. 15 of each year, starting Dec. 15.
The company expects the net proceeds of the offering to be $495 million, which it intends to use for general corporate purposes, including debt repurchases.
Barclays Capital Inc., Merrill Lynch Pierce Fenner & Smith Inc. and RBC Capital Markets LLC acted as joint book-running managers for the offering, while Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC and Wells Fargo Securities LLC acted as co-managers.
