UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K/A
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 25, 2016
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.) | ||
| 123 Justison Street, Wilmington, Delaware | 19801 | |||
| (Address of principal executive offices) | (Zip Code) | |||
Registrant’s telephone number, including area code: (302) 283-8000
Not Applicable
(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 7.01 | REGULATION FD DISCLOSURE |
Navient Corporation (the “Company”) frequently provides relevant information to its investors via posting to its corporate website. On July 25, 2016, the Company filed a presentation entitled “2016 2nd Quarter Investor Deck” which presentation was also made available on the Company’s website at https://www.navient.com/about/investors/webcasts/. This amended Form 8-K is being furnished for the sole purpose of correcting a typographical error that appeared on page 37 of the presentation which erroneously reported the Projected FFELP Average Balance for the July-December 2016 period as $62,556 ($’s in millions). The corrected Projected FFELP Average Balance for the July-December 2016 period is $89,366 ($’s in millions).
In addition, the corrected page 37 of the presentation is being furnished herewith as Exhibit 99.1
The information contained in, or incorporated into, this Item 7.01, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.
| ITEM 9.01 | FINANCIAL STATEMENTS AND EXHIBITS. |
(d) Exhibits
| Exhibit Number |
Description | |
| 99.1* | Page 37 of the 2016 2nd Quarter Investor Deck. | |
| * | Furnished herewith. |
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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: August 9, 2016 | By: | /s/ Mark L. Heleen | ||||
| Mark L. Heleen | ||||||
| Executive Vice President, Chief Legal Officer and Secretary | ||||||
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EXHIBIT INDEX
| Exhibit Number |
Description | |
| 99.1* | Page 37 of the 2016 2nd Quarter Investor Deck | |
| * | Furnished herewith. |
4
| Exhibit 99.1
|
FFELP Cash Flows Highly Predictable
$’s in millions
Jul - Dec
as of 6/30/2016 20162017201820192020202120222023
Projected FFELP Average Balance $89,366 $83,945$76,288$68,655$61,416$54,248$47,270$40,546
Projected Excess Spread $410 $819$757$685$626$564$509$453
Projected Servicing Revenue $218 $419$390$360$332$300$266$228
Projected Total Revenue $629 $1,238$1,147$1,045$958$864$774$682
20242025202620272028202920302031+
Projected FFELP Average Balance $34,130 $28,204$22,989$18,845$15,251$11,810$8,624$2,143
Projected Excess Spread $395 $348$288$245$214$188$148$295
Projected Servicing Revenue $191 $152$120$95$77$60$45$83
Projected Total Revenue $586 $501$408$339$291$249$192$378
Total Cash Flows from Projected Excess Spread = $6.9 Billion
Total Cash Flows from Projected Servicing Revenues = $3.3 Billion
Assumptions
No Floor Income, CPR/CDR = 4%
These projections are based on internal estimates and assumptions and are subject to ongoing review and modification. These projections may prove to be incorrect.
*Numbers may not add due to rounding
Confidential and proprietary information © 2016 Navient Solutions, Inc. All rights reserved. 37