Rithm tender offer for 2025 notes oversubscribed by early deadline

By Marisa Wong

Los Angeles, March 18 – Rithm Capital Corp. announced the early results of its March 4 cash tender offer for up to $275 million of its $550 million outstanding 6¼% senior notes due 2025 (Cusip: 64828TAA0, U65228AA3).

As of the early tender deadline at 5 p.m. ET on March 15, holders had tendered $483,626,000 of the notes, according to a Monday press release.

Rithm will accept for purchase $275 million of the notes at a proration factor of 56.9%.

The company is offering a total consideration of $1,000 per $1,000 principal amount. The total consideration includes and early tender payment of $30 per $1,000 of notes tendered by the early tender deadline.

The company will also pay accrued interest.

Settlement of the early tendered notes accepted for purchase is expected to occur on March 19.

The offer will expire at 5 p.m. ET on April 1. However, because the amount tendered by the early tender date already exceeded the offer cap, the company does not expect to accept for purchase any notes tendered after the early deadline.

The tender offer is subject to a financing condition, as noted before.

The company said before it reserves the right to amend, extend or terminate the offer at any time.

Citigroup Global Markets Inc. (800 558-3745 or 212 723-6106; ny.liabilitymanagement@citi.com) is the dealer manager for the offer.

D.F. King & Co., Inc. (212 269-5550 for banks and brokers or 800 578-5378; RITHM@dfking.com) is the tender and information agent.

Based in New York, Rithm is a global asset manager focused on real estate, credit and financial services.

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