On October 14, 2026, SLM Student Loan Trust 2005-5 filed a Current Report on Form 8-K announcing that Navient Solutions, LLC, acting as the administrator, furnished a preliminary remarketing memorandum to the remarketing agents. This memorandum is intended for distribution to qualified institutional buyers and is attached as Exhibit 99.1 to the filing.
The filing relates to the Class A-5 Reset Rate Notes issued by the trust. Navient Funding, LLC has filed a registration statement with the SEC for the offering. The registration statement includes a free-writing prospectus detailing the terms for the remarketing of up to $211,500,770 in Class A-5 notes. The notes were originally issued by the trust on June 29, 2005.
Under the proposed terms, if the remarketing is successful on October 26, 2026, the Class A-5 notes will reset to a floating interest rate. The new rate will be calculated as the SOFR Rate plus a spread to be determined on or before October 21, 2026. The notes will have a legal maturity date of October 25, 2040, and the next reset date is scheduled for January 25, 2027.
Investors currently holding the Class A-5 notes must submit a hold notice to the remarketing agent, Goldman Sachs & Co. LLC, prior to 12:00 p.m. (noon), New York City time, on October 21, 2026, to retain their notes. Failure to submit a hold notice will result in the notes being deemed tendered for remarketing. Goldman Sachs & Co. LLC is serving as the remarketing agent for the transaction.
