Walter Investment to start roadshow Monday for $500 million eight-year senior notes

By Paul A. Harris

Portland, Ore., Dec. 6 - Walter Investment Management Corp. plans to start a roadshow on Monday in New York City for a $500 million offering of eight-year senior notes (B3/B), according to a syndicate source.

The roadshow moves to Boston on Tuesday and to Los Angeles on Wednesday.

Barclays, Morgan Stanley & Co. LLC, BofA Merrill Lynch, Credit Suisse Securities (USA) LLC, RBS Securities Inc. and J.P. Morgan Securities LLC are the joint bookrunners for the Rule 144A and Regulation S with registration rights offering.

The notes, which mature in 2021, become callable after three years at par plus 75% of the coupon and feature a 101% poison put. They come with a standard high-yield covenant package.

The Tampa, Fla.-based asset management company plans to use the proceeds to finance the acquisition of mortgage servicing rights, to repay bank debt and for general corporate purposes.

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