Navient, the student loan servicer spun off from Sallie Mae in April, priced its first post-split student loan securitization on top of, or inside the corresponding class from the previous SLM FFELP transaction, SLMA 2014-2.
The $747 milliondeal, NAVSL 2014-1, is backed by Federal Family Education Loan Program loans. The AAA’ rated, class A1 note with a weighted average life of 1.25-years priced at one-month Libor plus 25 basis points, according to an Interactive Data report. The AAA’ rated, 3.28-years class A2 notes, priced at one-month Libor plus 31 basis points. The 6.79-years, class A3, 'AAA' rated notes priced at at one-month Libor plus 52 basis points