Onity's announcement to issue $500 million in senior notes reflects the company's strategic move to refinance older, high-interest debt, enhancing its financial positioning. The new notes, due in 2029 at 9.875%, aim to stabilize and lower borrowing costs against a backdrop of evolving market conditions.
The sale of Onity's 15% stake in MSR Asset Vehicle LLC to Oaktree Capital Management marks a significant step in their financial strategy to redeem existing high-rate senior notes, showcasing a proactive approach to managing debt and optimizing their capital structure.
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