Nationstar Mortgage Holdings—the current “stalking horse” bidder on Residential Capital Corp. assets—intends to raise up to $300 million through a private placement of unsecured senior notes.
In a statement, the company noted that it may use the proceeds to acquire “certain residential mortgage servicing assets,” including ResCap MSRs.
The private placement consists of $300 million of unsecured senior notes due in 2020. The bonds carry an annual coupon of 7.875%, payable twice a year beginning April 1, 2013.
Nationstar executives said they expect to close the offering by Sept. 24.
The publicly traded firm said the notes will be offered “only to qualified institutional buyers” in the U.S. and overseas.