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Navient to bid on five classes of SLM Student Loan Trust notes
By Wendy Van Sickle
Columbus, Ohio, March 14 – A Navient Funding, LLC affiliate plans to submit buy bids for all outstanding notes of five classes of notes from three SLM Student Loan Trusts, according to three 8-K filings with the Securities and Exchange Commission.
2002-7 notes
The notes include the following SLM Student Loan Trusts 2002-7 notes:
• $31.8 million class A9 notes with an auction date of March 18;
• $30.05 million class A6 notes with an auction date of March 25; and
• $31.8 million class A11 notes with an auction date of March 27.
Of these notes, $13,376,000 of the A9 notes, $2.15 million of the A6 notes and $31.8 million of the A11 notes are held by the affiliate.
The affiliate will submit buy bids for the notes at a rate equal to Libor plus 65 basis points.
2003-2 notes
The notes include the following SLM Student Loan Trusts 2003-2 notes: $66.55 million class A6 notes with an auction date of March 29.
Of these notes, $18.95 million are held by the affiliate.
The affiliate will submit buy bids for these notes at a rate equal to Libor plus 120 bps.
2003-5 notes
The notes include the following SLM Student Loan Trusts 2003-5 notes: $100 million class A7 notes with an auction date of March 25.
Of these notes, $27.65 million are held by the affiliate.
The affiliate will submit buy bids for these notes at a rate equal to Libor plus 120 bps.
The affiliate plans to submit a hold order for the notes it currently holds from each of the classes.
Navient Funding is a subsidiary of Navient Corp., a loan management, servicing and asset recovery company based in Wilmington, Del.
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