Navient Intends To Form New Holding Company Structure; Navient Holdings To Become New Holding Company Of Navient LLC And E Parent

Navient Corporation (NASDAQ:NAVI) today announced it intends to establish a new holding company structure. Under the new structure, the new parent company, named Navient Holdings, Inc., will become the new holding company of Navient LLC and E Parent, Inc. (Earnest). Upon completion of the reorganization, Navient LLC will assume the obligations of the listed notes currently held at Navient Corporation and continue to be a reporting company.

Existing shares of Navient Corporation will automatically convert on a one-for-one basis into shares of common stock of Navient Holdings. Trading is expected to continue uninterrupted under the symbol "NAVI" on the Nasdaq Global Select Market.