WMC Finance $250 million five-year notes talked at 11% area, pricing Thursday

By Paul A. Harris

St. Louis, Dec. 10 - Price talk is 11% area on WMC Finance Co.'s planned $250 million of five-year senior notes (B2/B-), according to market sources.

The deal is expected to price on Thursday afternoon.

Credit Suisse First Boston and Merrill Lynch & Co. are joint bookrunners on the Rule 144A offering. Lehman Brothers is co-manager.

The notes will be non-callable for three years.

WMC will use proceeds to fund a dividend payment and for general corporate purposes.

The issuer is a Woodland Hills, Calif.-based on-line lender that originates and sells mortgage loans.

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