SLM Student Loan Trust 2005-5: failed remarketing of class A-5 notes

What happened
The filing reports that a failed remarketing was declared for the class A-5 notes issued by SLM Student Loan Trust 2005-5. The notes were scheduled to be reset on Oct 26, 2026; the remarketing spread was required to be determined by no later than 3:00 P.M., New York City time, on Oct 21, 2026. Because sufficient committed purchasers were not obtained for all tendered notes at the spread proposed by the remarketing agent, all existing class A-5 noteholders will be required to retain their notes on the reset date. The related interest rate will be the failed remarketing rate equal to the SOFR Rate plus 0.75% per annum and the related reset period will be 3 months. The next applicable reset date will be Jan 25, 2027.

Key details

• Scheduled reset date: Oct 26, 2026.
• Remarketing spread determination deadline: Oct 21, 2026 at 3:00 P.M., New York City time.
• Result: failed remarketing declared; existing class A-5 noteholders must retain their notes.
• Interest and reset terms: failed remarketing rate = SOFR Rate plus 0.75% per annum; reset period = 3 months; next reset date = Jan 25, 2027.

Why it may matter
This is Item 8.01 (Other events) of the Form 8-K, which covers other events the company reports to the SEC; here the filing reports the failed remarketing and the resulting interest rate and reset period for the class A-5 notes. A filing does not show why the insider traded or why the company acted.