New Issue: Nationstar Mortgage prices upsized $1 billion 7 1/8% notes at 99.251 to yield 7¼%

By Paul A. Harris

Portland, Ore., Jan. 29 – Nationstar Mortgage Holdings Inc. priced an upsized $1 billion issue of Mr. Cooper 7 1/8% eight-year senior notes (B1/B/BB) at 99.251 to yield 7¼% in a Monday drive-by, according to market sources.

The issue size increased from $1 billion.

The yield printed at the tight end of yield talk in the 7 3/8% area.

Goldman Sachs & Co. LLC was the left bookrunner. Joint bookrunners were Barclays, BofA Securities Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Piper Sandler Co. and Wells Fargo Securities LLC.

Proceeds will be used to repay a portion of amounts outstanding under the MSR facilities.

Issuer:	Mr. Cooper
Amount:	$1 billion, increased from $800 million
Issue:	Senior notes
Maturity:	Feb. 1, 2032
Left bookrunner:	Goldman Sachs & Co. LLC
Joint bookrunners:	Barclays, BofA Securities Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Piper Sandler Co. and Wells Fargo Securities LLC
Coupon:	7 1/8%
Price:	99.251
Yield:	7¼%
Spread:	317 bps
Call protection:	Three years
Trade date:	Jan. 29
Settlement date:	Feb. 1
Ratings:	Moody’s: B1
	S&P: B
	Fitch: BB
Distribution:	Rule 144A and Regulation S for life
Price talk:	7 3/8% area, revised from 7½% area
Marketing:	Drive-by
Cusips:	63861CAF6, U6377NAE8

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