By Paul A. Harris
Portland, Ore., Aug. 3 – Nationstar Mortgage Holdings Inc., presently doing business as Mr. Cooper Group, priced an $850 million issue of eight-year senior notes (B2/B) at par to yield 5½% in a Monday drive-by, according to market sources.
The yield printed at the tight end of yield talk in the 5 5/8% area. Initial price talk had the deal coming to yield in the high 5% area to 6%.
Joint bookrunner Barclays will bill and deliver. Morgan Stanley & Co. LLC and KKR Capital Markets are also bookrunners.
The Dallas-based mortgage services provider plans to use the proceeds, plus cash on hand, to pay off it 8 1/8% senior notes due 2023.
| Issuer: | Nationstar Mortgage Holdings Inc.
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| Amount: | $850 million
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| Maturity: | Aug. 15, 2028
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| Securities: | Senior notes
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| Bookrunners: | Barclays (bill and deliver) Morgan Stanley & Co. LLC and KKR Capital Markets
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| Coupon: | 5½%
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| Price: | Par
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| Yield: | 5½%
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| Call protection: | Three years
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| Trade date: | Aug. 3
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| Settlement date: | Aug. 6
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| Ratings: | Moody's: B2
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| S&P: B
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| Distribution: | Rule 144A and Regulation S for life
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| Price talk: | 5 5/8% area
|
| Marketing: | Drive-by
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