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$295,600,000 Class A Floating Rate Asset-Backed Senior Notes
$7,500,000 Class B Floating Rate Asset Backed Subordinate Notes
Date of Issue: October 27, 2020
Issue Amount: $302,500,000
Securities Offered:
Class A Floating Rate Asset-Backed Notes in the aggregate principal amount of
$295,000,000
Rate: One-Month LIBOR +0.88%
CUSIP: 64032VAA7
ISIN: U64032VAB5
Class B Floating Rate Asset-Backed Notes in the aggregate principal amount of
$7,500,000
Rate: One-Month LIBOR +2.00%
CUSIP: 64032VAA7
ISIN: U64032VAB5
Master Servicer and Administrator: National Education Loan Network, Inc.
Indenture Trustee: U.S. Bank National Association
Eligible Lender Trustee: U.S. Bank National Association
Lead Managers:
RBC Capital Markets
BMO Capital Markets
Initial Rating:
Senior Series 2020-5 A Notes
Aaa Moody's
Subordinate Series 2020-5 B Notes
Aaa Moody's