The company plans to extend the Expiration Date until the Mr. Cooper acquisition can be consummated substantially concurrently with the Settlement Date. The exchange offer targets $750 million of 2029 notes at 6.5% and $1 billion of 2032 notes at 7.125%, plus existing 2030 notes at 5.125% and 2031 notes at 5.75%. Tender participation has been high across maturities. Rocket priced $4 billion of new senior unsecured notes to refinance debt tied to the acquisition, with proceeds to redeem Nationstar notes maturing 2026–2028. Fitch assigned the new notes a BBB- rating and the FHFA approved the merger with a 20% servicing cap.
"The exchange offer covers $750 million in senior notes due in 2029 at 6.5% and $1 billion in senior notes due in 2032 at 7.125%. There are also notes due in 2030 paying 5.125% and others due in 2031 paying 5.75%. The debt was first issued by Nationstar Mortgage Holdings. Participation has been high, with 98.4% of 2029 notes, 88.3% of 2030 notes, 89.3% of 2031 notes and 95.5% of 2032 notes already tendered and not withdrawn."
"Recently, Rocket refinanced debt tied to its Mr. Cooper acquisition. Rocket priced $4 billion in senior unsecured notes $2 billion due in 2030 at 6.125% and $2 billion due in 2033 at 6.375%. The proceeds will primarily redeem the notes of Nationstar, a Mr. Cooper subsidiary, that mature between 2026 and 2028. Fitch Ratings assigned the notes a BBB- rating."
Read at www.housingwire.com
Unable to calculate read time
Collection
[
|
...
]