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Navient to bid on all A-6B, A-6C notes that it does not currently hold
By Tali Rackner
Minneapolis, June 30 – A Navient Funding, LLC affiliate plans to submit buy bids for all outstanding class A-6B and class A-6C auction-rate notes that it does not currently hold of SLM Student Loan Trust 2006-7, according to an 8-K filing with the Securities and Exchange Commission.
The auction for the class A-6B notes will occur on July 5, and the auction for the class A-6C notes will occur July 7.
The affiliate will submit buy bids for the notes at a rate equal to Libor plus 150 basis points.
The previous auctions for the class A-6B notes resulted in the depositor’s affiliate holding $65.6 million of the $90 million class A-6B notes.
The previous auctions for the class A-6C resulted in the depositor’s affiliate holding $20.9 million of the $90 million class A-6C notes.
The affiliate plans to bid the all-hold auction rate for the class A-6B notes and class A-6C notes it currently holds.
Navient Funding is a subsidiary of Navient Corp., a loan management, servicing and asset recovery company based in Wilmington, Del.
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