8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): December 11, 2014

 

 

Navient Corporation

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   001-36228   46-4054283

(State or other jurisdiction

of incorporation)

 

(Commission

File Number)

 

(I.R.S. Employer

Identification No.)

300 Continental Drive, Newark, Delaware   19713
(Address of principal executive offices)   (Zip Code)

Registrant’s telephone number, including area code: (302) 283-8000

 

(Former name or former address, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 


ITEM 8.01 Other Events.

On December 11, 2014, the board of directors (the “Board”) of Navient Corporation (the “Company”) approved a stock repurchase program under which it is authorized to purchase up to $1.0 billion of its outstanding shares of common stock. The authorization for the share repurchase program is effective January 1, 2015, and the program does not have an expiration date.

A copy of the Company’s press release announcing the share repurchase program is attached hereto as Exhibit 99.1 and incorporated herein by reference.

 

ITEM 9.01 Financial Statements and Exhibits.

 

  (d) Exhibits

 

Exhibit
Number

  

Description

99.1*    Press Release of Navient Corporation, dated as of December 15, 2014

 

* Filed herewith.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  NAVIENT CORPORATION
Date: December 15, 2014   By:  

/s/ Mark L. Heleen

    Mark L. Heleen
    Senior Vice President, Senior Deputy General Counsel
    and Secretary


EXHIBIT INDEX

 

Exhibit

Number

  

Description

99.1*    Press Release of Navient Corporation, dated as of December 15, 2014

 

* Filed herewith.
EX-99.1

Exhibit 99.1

 

LOGO

NEWS RELEASE

For immediate release

Navient announces $1 billion share repurchase program

NEWARK, Del., Dec. 15, 2014 — Navient (Nasdaq: NAVI), the nation’s leading loan management, servicing and asset recovery company, announced today that its Board of Directors approved a new share repurchase program for up to $1.0 billion of the company’s outstanding common stock. Effective Jan. 1, 2015, the share repurchase authorization permits the company to repurchase shares from time to time through a combination of open market repurchases, privately negotiated transactions, or accelerated share repurchase transactions. The program does not have an expiration date. The previous $400 million authorization announced by the company on May 22, 2014, was recently completed on Nov. 26, 2014.

* * *

About Navient

As the nation’s leading loan management, servicing and asset recovery company, Navient (Nasdaq: NAVI) helps customers navigate the path to financial success. Servicing more than $300 billion in student loans, the company supports the educational and economic achievements of more than 12 million Americans. A growing number of government and higher education clients rely on Navient for proven solutions to meet their financial goals. Learn more at navient.com. Created from the strategic separation of Sallie Mae, Navient began trading on Nasdaq as an independent company on May 1, 2014.

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Contact:

Media: Patricia Nash Christel, 302-283-4076, patricia.christel@navient.com

Investors: Joe Fisher, 302-283-4075, joe.fisher@navient.com

Customers: 888-272-5543