NAVIENT CORP — Director's Dealing 2019

Feb 1, 2019

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: NAVIENT CORP (NAVI)
CIK: 0001593538
Period of Report: 2019-01-22

Reporting Person: CANYON CAPITAL ADVISORS LLC (N/A)
Reporting Person: Julis Mitchell R (N/A)
Reporting Person: Friedman Joshua S (N/A)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, par value $0.01 per share	25649480	Indirect

Footnotes

F1: This Form 3 is being filed solely because share repurchases by the Issuer (as disclosed in its Current Report on Form 8-K filed on January 22, 2019) have caused the percentage of the outstanding common stock of the Issuer owned by the Accounts (as defined below) to rise above the 10% reporting threshold.

F2: This Form 3 is being filed jointly by Canyon Capital Advisors LLC, a Delaware limited liability company ("CCA"), Mitchell R. Julis, a citizen of the United States of America, and Joshua S. Friedman, a citizen of the United States of America (collectively, the "Reporting Persons"), each of whom may be deemed to have a pecuniary interest in securities reported on this Form 3 (the "Subject Securities"). The business address of each of the Reporting Persons is 2000 Avenue of the Stars, 11th Floor, Los Angeles, CA 90067.

F3: CCA, as the investment advisor to certain managed accounts that directly hold the Subject Securities, including Canyon Value Realization Fund, L.P., The Canyon Value Realization Master Fund (Cayman), L.P., Canyon Value Realization Fund MAC 18, Ltd., Canyon Balanced Master Fund, Ltd., Canyon-GRF Master Fund II, L.P., Canyon Distressed Opportunity Master Fund II, L.P., EP Canyon Ltd. and Canyon NZ-DOF Investing, L.P. (collectively, the "Accounts"), may be deemed to be the beneficial owner of the Subject Securities for purposes of Rule 16a-1(a) under the Securities Exchange Act of 1934. Mitchell R. Julis and Joshua S. Friedman, as persons who manage CCA and control the entities which own 100% of CCA, may each be deemed to be the beneficial owner of the Subject Securities for purposes of Rule 16a-1(a). Each of the Reporting Persons disclaims beneficial ownership of the Subject Securities except to the extent of any pecuniary interest therein.