Navient Corp. has filed a prospectus for an offering of about $52.1 million of its 5.875% senior notes due March 25, 2021.

Interest on the notes is payable March 25 and Sept. 25 each year, starting Sept. 25.

The company expects to receive net proceeds of about $54.9 million, and plans to use them for debt repurchases and the remainder for general corporate purposes.

Upon consummation of the offering, the aggregate principal amount outstanding of the company's 5.875% senior notes due March 25, 2021, will be about $645.2 million.