WILMINGTON, Del., Feb. 22, 2019 (GLOBE NEWSWIRE) -- Navient (Nasdaq: NAVI) today issued the following statement
regarding Canyon Capital Advisors LLC’s (“Canyon”) nomination of four directors to stand for election to the Board of Directors of
Navient at Navient’s 2019 Annual Meeting of Shareholders:
“Navient is committed to maintaining a highly qualified, diverse and independent Board and to following good governance
practices that create shareholder value and serve our customers, employees and communities. The Nominations and Governance
Committee of our Board will evaluate Canyon’s nominees and make a recommendation that is in the best interest of all
shareholders.”
Navient shareholders do not need to take any action at this time.
Morgan Stanley & Co. LLC is acting as financial advisor to Navient and Skadden, Arps, Slate, Meagher & Flom LLP is acting as
legal advisor.
This news release contains “forward-looking statements” and other information that is based on management’s current
expectations as of the date of this release. Statements that are not historical facts, including statements about the
company’s beliefs, opinions or expectations and statements that assume or are dependent upon future events, are forward-looking
statements and often contain words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “see,” “will,” “would,” or
“target.” Forward-looking statements are subject to risks, uncertainties, assumptions and other factors that may cause actual
results to be materially different from those reflected in such forward-looking statements. For Navient, these factors include,
among others, the risks and uncertainties associated with increases in financing costs; the availability of financing or limits on
our liquidity resulting from disruptions in the capital markets or other factors; unanticipated increases in costs associated with
compliance with federal, state or local laws and regulations; changes in the demand for asset management and business processing
solutions or other changes in marketplaces in which we compete (including increased competition); changes in accounting standards
including but not limited to changes pertaining to loan loss reserves and estimates or other accounting standards that may impact
our operations; adverse outcomes in any significant litigation to which the company is a party; credit risk associated with the
company’s underwriting standards or exposure to third parties, including counterparties to hedging transactions; and changes in the
terms of education loans and the educational credit marketplace (including changes resulting from new laws and the implementation
of existing laws). The company could also be affected by, among other things: unanticipated repayment trends on loans including
prepayments or deferrals in our securitization trusts that could accelerate or delay repayment of the bonds; reductions to our
credit ratings, the credit ratings of asset-backed securitizations we sponsor or the credit ratings of the United States of
America; failures of our operating systems or infrastructure or those of third-party vendors; risks related to cybersecurity
including the potential disruption of our systems or those of our third-party vendors or customers, or potential disclosure of
confidential customer information; damage to our reputation resulting from cyber-breaches, litigation, the politicization of
student loan servicing or other actions or factors; failure to successfully implement cost-cutting initiatives and adverse effects
of such initiatives on our business; failure to adequately integrate acquisitions or realize anticipated benefits from acquisitions
including delays or errors in converting portfolio acquisitions to our servicing platform; changes in law and regulations whether
new laws or regulations, or new interpretations of existing laws and regulations applicable to any of our businesses or activities
or those of our vendors, suppliers or customers; changes in the general interest rate environment, including the availability of
any relevant money-market index rate, including LIBOR, or the relationship between the relevant money-market index rate and the
rate at which our assets are priced; our ability to successfully effectuate any acquisitions and other strategic initiatives;
changes in general economic conditions; and the other factors that are described in the “Risk Factors” section of Navient’s Annual
Report on Form 10-K and in our other reports filed with the Securities and Exchange Commission. The preparation of the company’s
consolidated financial statements also requires management to make certain estimates and assumptions including estimates and
assumptions about future events. These estimates or assumptions may prove to be incorrect and actual results could differ
materially. All forward-looking statements contained in this release are qualified by these cautionary statements and are made only
as of the date of this release. The company does not undertake any obligation to update or revise these forward-looking statements
except as required by law.
About Navient
Navient (Nasdaq: NAVI) is a leading provider of education loan management and business processing solutions for education,
healthcare and government clients at the federal, state and local levels. The company helps its clients and millions of Americans
achieve financial success through services and support. Headquartered in Wilmington, Delaware, Navient employs team members in
western New York, northeastern Pennsylvania, Indiana, Tennessee, Texas, Virginia, Wisconsin and other locations. Learn more at
navient.com.
Contact:
Media: Paul Hartwick, 302-283-4026, paul.hartwick@navient.com; Jim Barron/Paul Scarpetta, Sard Verbinnen, 212-687-8080
Investors: Joe Fisher, 302-283-4075, joe.fisher@navient.com
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