Mr. Cooper driving by with $500 million 10-year notes; talk 5¾% area

By Paul A. Harris

Portland, Ore., Nov. 1 – Mr. Cooper plans to price a $500 million offering of 10-year senior notes (B2/B+) in a Monday drive-by trailing a conference call with investors, according to market sources.

Initial guidance is in the 5¾% area, a trader said.

Left bookrunner Morgan Stanley & Co. LLC will bill and deliver. Barclays, BofA Securities Inc. and J.P. Morgan Securities LLC are the joint bookrunners.

The Rule 144A and Regulation S for life notes come with five years of call protection.

The Dallas-based non-bank mortgage services provider, formerly known as Nationstar Mortgage Holdings Inc., plans to use the proceeds for general corporate purpose, including, without limitation, the purchase of mortgage servicing rights.

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