Home Loan Servicing to launch $350 million term loan B on Tuesday

By Sara Rosenberg

New York, June 10 - Home Loan Servicing Solutions Ltd. is scheduled to hold a bank meeting at 10 a.m. ET in New York on Tuesday to launch a $350 million seven-year senior secured term loan B, according to a market source.

J.P. Morgan Securities LLC is the lead bank on the deal.

Price talk on the B loan is Libor plus 300 basis points to 325 bps with a 1% Libor floor and an original issue discount of 99 to 991/2, the source said.

The loan has 101 soft call protection for one year.

Proceeds will be used to acquire mortgage servicing assets and fund advance reserves.

Expected loan ratings are Ba3/B+, the source added.

Home Loan Servicing is a Cayman Islands-based acquirer of high-quality mortgage servicing assets.

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