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Stearns Lending talks $200 million seven-year notes at 9½% area yield; pricing Tuesday
By Paul A. Harris
Portland, Ore., July 30 - Stearns Lending, Inc. talked its $200 million offering of seven-year senior secured notes to yield in the 9½% area, an informed source said on Tuesday.
Books close at 2 p.m. ET Tuesday, and the deal is set to price shortly thereafter.
Jefferies LLC is the bookrunner for the Rule 144A and Regulation S for life deal.
The notes will become callable in three years at par plus 75% of the coupon.
The issuing entity will be Stearns Holdings, Inc.
The Santa Ana, Calif.-based independent mortgage origination and servicing company plans to use the proceeds to refinance debt and for general corporate purposes, including the acquisition of additional servicing rights from third parties.
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