Navient completes plans for orderly LIBOR transition
June 05 2023 - 5:31PM
Navient (Nasdaq: NAVI), a leader in technology-enabled education
finance and business processing solutions, announced that it
plans to transition outstanding U.S. Dollar (USD) LIBOR-indexed
Navient-issued instruments to Secured Overnight Financing Rate
(SOFR) after June 30, 2023. USD LIBOR will stop being published
after June 30, 2023 and will be replaced by SOFR in many financial
contracts.
Navient and certain of its affiliates/subsidiaries have issued
private education loans and asset-backed securities that are
indexed to USD LIBOR. Starting in July, the relevant LIBOR rate
included in impacted LIBOR contracts will be replaced with the
applicable SOFR rate and tenor spread adjustment provided for in
the Adjustable Interest Rate (LIBOR) Act of 2022 and the Federal
Reserve Board’s final rule issued pursuant to the LIBOR Act.
Navient has notified its customers whose education loans are
impacted by this change. Information for customers can be found by
visiting Navient.com/SOFR.
In addition, Navient has notified holders of impacted
asset-backed securities. Information for investors can be found at
Navient.com/ABS.
About NavientNavient (Nasdaq: NAVI) provides
technology-enabled education finance and business processing
solutions that simplify complex programs and help millions of
people achieve success. Our customer-focused, data-driven services
deliver exceptional results for clients in education, healthcare
and government. Learn more at Navient.com.
Contact:Media: Paul Hartwick,
302-283-4026, paul.hartwick@navient.comInvestors: Jen Earyes,
703-984-6801, jen.earyes@navient.com
Navient (NASDAQ:NAVI)
Historical Stock Chart
From Apr 2024 to May 2024
Navient (NASDAQ:NAVI)
Historical Stock Chart
From May 2023 to May 2024