Navient Shares Climb on Lender's Debt Repayment Strategy
Shares of Navient (NAVI) - Get Navient Corp Report , a member of Real Money's Stressed Out watch list, were up Tuesday after the nation's largest student-loan manager said it has exercised a call option to purchase the remaining federally guaranteed loans held in two student loan trusts. Navient said the options will enable the lender to pay off about $175 million in bonds. And the company also said it has exercised call options on 14 trusts so far in 2016, which represent bond repayments of about $1.2 billion. And Navient has also extended maturities on an additional $6.8 billion of bonds from Navient-sponsored agencies. The company's shares are up roughly 26 percent on the year.
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