Mr. Cooper (Nationstar) driving by with $650 million 10-year notes; initial talk 5½% area

By Paul A. Harris

Portland, Ore., Dec. 1 – Nationstar Mortgage Holdings Inc., presently doing business as Mr. Cooper Group, plans to price a $650 million offering of 10-year senior notes (existing ratings B2/B) in a Tuesday drive-by trailing a mid-morning conference call with investors, according to market sources.

Initial guidance has the Rule 144A and Regulation S for life notes coming to yield in the 5½% area, a trader said.

Left lead bookrunner Morgan Stanley & Co. LLC will bill and deliver. Barclays, BofA Securities Inc. and KKR are the joint bookrunners.

The notes become callable after five years at par plus 50% of the coupon.

The Dallas-based mortgage services provider plans to use the proceeds, along with cash on hand, to redeem its 9 1/8% senior notes due 2026 in full.

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