Navient Separation And Distribution Agreement
After the separation, Sallie Mae will remain the country`s No. 1 financial services company, specializing in education, and the largest provider of private credit in education. Sallie Mae will offer innovative savings products, robust planning tools, responsible private education credits and insurance products to secure investments in education. To expand the bank`s portfolio of high-quality loans for private training credits, Sallie Mae will continue to rely on disciplined underwriting, apply for academic certification, encourage customers to make payments during school, and connect directly with customers and co-signers during school. Forward-Looking Statements This press release contains “forward-looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about the expected spin-off of Navient, the expected fulfillance of all separation conditions up to the date of distribution, and the evolution of the “ex-distribution” and “issue” trading markets. These statements are based on sallie Mae Management`s current expectations and are subject to known and unknown risks and uncertainties. There are a number of risks and uncertainties that may cause actual results to differ materially from the results contemplated in the forward-looking statements, including, but not, uncertainties related to obtaining government and third party authorizations, authorizations and authorizations, necessary to fulfill certain conditions of secession and “ex-distribution” and “issuance” – to approve trading on the schedule currently anticipated by management. For more information on the risks associated with the Operations of Salle Mae and the spin-off of Navient, please see Sallie Mae`s filings submitted to the SEC, including the most recent Annual Report on Form 10-K. Sallie Mae does not undertake to update forward-looking statements based on new information, future developments or for other reasons.
After the separation, the two companies will be listed on nasdaq. Sallie Mae`s shares will continue to trade “normally” under the symbol “SLM” during and after the distribution date. Sallie Mae common shareholders, who regularly sell these shares on or before the distribution date on or before the distribution date, will also sell their right to receive common shares of Navient as part of the spin-off. Sallie Mae expects the “ex-distribution” business under the symbol “SLMVV” to begin on April 17 and continue until the closing of the transaction on the day of distribution. Common shareholders of Sallie Mae who sell these shares from the deadline will continue to receive the Navient shares to which they are entitled. “As two different companies, Sallie Mae and Navient will use our shared history as a market leader to drive customer success. The separation will also allow each company to better seize strategic opportunities,” said John (Jack) F. Remondi, President and Chief Executive Officer. This next chapter brings more focus and value to our customers and shareholders. Navient will begin trading on the NASDAQ on May 1, 2014 under the symbol “NAVI”. . .