Material Agreement - Form 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):

May 4, 2023 (May 1, 2023)

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)		(IRS 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-Kfiling 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-12under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencementcommunications pursuant to Rule 14d-2(b)under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencementcommunications pursuant to Rule 13e-4(c)under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2of the Securities Exchange Act of 1934 ((§240.12b-2of this chapter).

Emerging growth company ☐

If an emerging growth company indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common stock, par value $.01 per share		NAVI		The Nasdaq Global Select Market
6% Senior Notes due December 15, 2043		JSM		The Nasdaq Global Select Market
Preferred Stock Purchase Rights		None		The Nasdaq Global Select Market

Item 1.01.

Entry into a Material Definitive Agreement.

On May 4, 2023, Navient Corporation (the "Company") completed a public offering of $500,000,000 aggregate principal amount of its 9.375% Senior Notes due 2030 (the "Notes").

The offering of the Notes was made pursuant to the Company's shelf registration statement on Form S-3(Registration No. 333-271354)filed with the Securities and Exchange Commission (the "SEC") on April 20, 2023 including a related prospectus and prospectus supplement filed with the SEC on April 20, 2023 and May 3, 2023, respectively.

In connection with the offering of the Notes, the Company entered into an Underwriting Agreement, dated May 1, 2023 (the "Underwriting Agreement"), among the Company and RBC Capital Markets, LLC, Barclays Capital Inc., BofA Securities, Inc. and J.P. Morgan Securities LLC, as representatives of the underwriters named therein (together, the "Underwriters"). Pursuant to the Underwriting Agreement, the Company agreed to sell the Notes to the Underwriters, and the Underwriters agreed to purchase the Notes for resale to the public. The Underwriting Agreement includes customary representations, warranties and covenants by the Company. It also provides for customary indemnification by each of the Company and the Underwriters against certain liabilities and customary contribution provisions in respect of those liabilities.

The Notes were issued under the base indenture, dated as of July 18, 2014 (the "Base Indenture"), between the Company and The Bank of New York Mellon, as trustee, as amended by a fourteenth supplemental indenture, dated as of May 4, 2023 (the "Fourteenth Supplemental Indenture," and together with the Base Indenture, the "Indenture").

The Underwriting Agreement, the Indenture and the form of global note for the offering are filed as exhibits to this Form 8-Kand are incorporated herein by reference.

Item 2.03.

Creation of a Direct Financial Obligation or an Obligation under an Off-BalanceSheet Arrangement of a Registrant.

The information related to the Indenture in Item 1.01 of this Form 8-Kis hereby incorporated by reference into this Item 2.03.

Item 9.01(d).

Financial Statements and Exhibits.

In reviewing the agreements included as exhibits to this report, please remember they are included to provide you with information regarding their terms and are not intended to provide any other factual or disclosure information about the Company or the other parties to the agreements. The agreements contain representations and warranties by each of the parties to the applicable agreement. These representations and warranties have been made solely for the benefit of the other parties to the applicable agreement and:

•

should not in all instances be treated as categorical statements of fact, but rather as a way of allocating the risk to one of the parties if those statements prove to be inaccurate;

•

may have been qualified by disclosures that were made to the other party in connection with the negotiation of the applicable agreement, which disclosures are not necessarily reflected in the agreement;

•

may apply standards of materiality in a way that is different from what may be viewed as material to you or other investors; and

•

were made only as of the date of the applicable agreement or such other date or dates as may be specified in the agreement and are subject to more recent developments.

Accordingly, these representations and warranties may not describe the actual state of affairs as of the date they were made or at any other time. Additional information about the Company may be found elsewhere in this report and the Company's other public filings, which are available without charge through the SEC's website at http://www.sec.gov.

Exhibit No.		Description
Exhibit 1.1*		Underwriting Agreement, dated May 1, 2023, among the Company and RBC Capital Markets, LLC, Barclays Capital Inc., BofA Securities, Inc. and J.P. Morgan Securities LLC, as representatives of the Underwriters named therein.
Exhibit 4.1		Indenture, dated as of July 18, 2014, between the Company and The Bank of New York Mellon, as trustee (Incorporated by reference to Exhibit 4.1 of the Company's Form S-3 filed on July 18, 2014).
Exhibit 4.2*		Fourteenth Supplemental Indenture, dated as of May 4, 2023, between the Company and The Bank of New York Mellon, as trustee.
Exhibit 4.3*		Form of Note for 9.375% Senior Notes due 2030 - included as part of Exhibit 4.2 hereto.
Exhibit 5.1*		Opinion of Skadden, Arps, Slate, Meagher & Flom LLP.
Exhibit 23.1*		Consent of Skadden, Arps, Slate, Meagher & Flom LLP - included as part of Exhibit 5.1 hereto.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

*	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 (REGISTRANT)
Date: May 4, 2023			By:		/s/ Mark D. Rein
		Name:		Mark D. Rein
		Title:		Vice President and Treasurer

[Signature Page to Closing 8-K]