周四，Navient Corp. 宣布重组计划，将实际上把债券持有人与该公司最大的增长领域隔离开来，导致针对 Navient 违约风险的保护成本上升。
Costs to protect against a default by Navient Corp. rose on Thursday after the company announced a restructuring that will effectively cut bondholders off from the business’ biggest growth area.
根据 ICE Data Services 的数据，截至纽约时间中午左右，Navient 五年期信用违约互换（CDS）扩大了 175 个基点，至 622 个基点，为 2018 年 3 月 23 日以来的最大扩大幅度。
Navient five-year credit default swaps widened by 175 basis points to 622 basis points as of about noon in New York, the most since March 23, 2018, according to ICE Data Services.
该公司宣布计划成立 Navient Holdings Inc.，后者将成为 Navient LLC 的母公司，Navient LLC 是一家学生贷款服务商，也是公司的传统业务；同时还将成立 E Parent Inc.，用于容纳公司的 Earnest 金融科技公司。Navient LLC 将承担公司上市票据的义务。
The company announced plans to form Navient Holdings Inc., which will become the parent of Navient LLC, a student loan servicer and the company’s legacy business, and E Parent Inc., which will house the company’s Earnest fintech firm. Navient LLC will assume the obligations of the company’s listed notes.
彭博情报信用分析师 Himanshu Bakshi 表示，这一举措对债权人不利，因为它将把他们与作为增长驱动力的 Earnest 隔离开来。Earnest 于 2017 年被收购，是学生贷款、再融资贷款和个人贷款的发起方。与此同时，Navient LLC 的资产正在逐步流失。
The move is a negative for debtholders because it will wall them off from Earnest, a growth driver, according to Himanshu Bakshi, a Bloomberg Intelligence credit analyst. Earnest, acquired in 2017, is an originator of student loans, refinancings and personal loans. Meanwhile, Navient LLC’s assets are in runoff.
Navient 周三的业绩演示文稿还显示，传统公司的酌情现金可以上缴给控股公司。Bakshi 表示：“这对债券持有人来说是双重打击。”
Navient’s earnings presentation Wednesday also showed that discretionary cash in the legacy company can be upstreamed to the holding company. “It’s a double whammy for bondholders,” Bakshi said.