By Paul A. Harris
Portland, Ore., Jan. 13 – Mr. Cooper Group Inc. priced $600 million of 6% seven-year notes in a quick-to-market Monday trade, according to market sources.
Initial guidance had the deal coming to yield in the low-to-mid 6% area.
The deal was heard to be playing to $3 billion of demand, a trader said.
J.P. Morgan Securities LLC was the lead underwriter.
The Dallas-based provider of mortgage services plans to use the proceeds, together with cash on hand, to redeem all of the outstanding Nationstar Mortgage LLC/Nationstar Capital Corp 6½% senior notes due 2021 and 6½% senior notes due 2022.
Nationstar is a wholly owned subsidiary of Mr. Cooper, a company that primarily serves the single-family residence market.
| Issuer: | Nationstar Mortgage Holding Inc.
|
| Amount: | $600 million
|
| Tenor: | Seven years
|
| Securities: | Senior notes
|
| Lead: | J.P. Morgan Securities LLC
|
| Coupon: | 6%
|
| Call protection: | Three years
|
| Trade date: | Jan. 13
|
| Settlement date: | Jan. 16
|
| Distribution: | Rule 144A and Regulation S
|
| Initial guidance: | Low-to-mid 6% area
|
| Marketing: | Quick to market
|
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