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Navient offering $250M in senior notes

Navient Corp. has filed a prospectus for an offering of about $250.0 million of its 6.500% senior notes due June 15, 2022.

The trade date is Nov. 30 and the settlement date is Dec. 4. Interest on the notes is payable June 15 and Dec. 15 each year, starting Dec. 15.

The company expects to receive net proceeds of about $260.3 million, based on a public offering price of $262.5 million, and plans to use the proceeds for general corporate purposes, including debt repurchases.

The notes are part of an existing series of 6.500% notes, which have an outstanding principal amount of $750 million. The aggregate amount of notes in the series will be $1 billion when the new offering is complete.

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