Stearns makes asset sale offer for $80 million 9 3/8% notes due 2020

By Susanna Moon

Chicago, April 13 – Stearns Holdings, LLC, the parent company of Stearns Lending, LLC, and Stearns Co-Issuer, Inc. are tendering for up to $80 million principal amount of their $250 million 9 3/8% senior secured notes due 2020.

The tender offer will remain open until 11:59 p.m. ET on May 10.

The purchase price will be par for each $1,000 principal amount plus accrued interest to but excluding the payment date.

The tender offer is being made because it is required under the notes indenture during certain asset sales, according to a company announcement.

Settlement is expected to occur on May 14.

The company said it reserves the right to increase the offer cap.

Tendered notes may be withdrawn at any time.

Barclays (800 438-3242 or 212 528-7581) is the dealer manager. D.F. King & Co, Inc. (866 796-7180, 212 269-5550 or shllc@dfking.com) is the information agent.

The Santa Ana, Calif.-based independent mortgage origination and servicing company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.