Nationstar tapping 6½% notes due 2018 for $150 million on Tuesday

By Paul A. Harris

Portland, Ore., Sept. 24 - An investor conference call is set for noon ET Tuesday for the proposed Nationstar Mortgage LLC and Nationstar Capital Corp. $150 million tack-on to the 6½% senior notes due Aug. 1, 2018, according to an informed source.

The registered deal is set to price this afternoon.

Credit Suisse Securities (USA) LLC is the bookrunner.

The notes become callable on Aug. 1, 2015 at 103.25. There is a 35% equity clawback at 106.5 until Aug. 1, 2015. The notes also feature a 101% poison put.

The Lewisville, Texas-based non-bank mortgage services provider plans to use the proceeds to fund working capital and for general corporate purposes, including acquisitions of mortgage servicing rights.

The original $250 million issue priced at par on July 17, 2013.

The tack-on notes will be immediately fungible with the existing notes.

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