Mr. Cooper Group Completes $850 Million High Yield Debt Offering
08.11.20
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Simpson Thacher represented Mr. Cooper Group Inc. (NASDAQ: COOP) (“Mr. Cooper”) and its wholly owned subsidiary Nationstar Mortgage Holdings Inc. (the “Issuer”) in connection with the Rule 144A/Regulation S offering by the Issuer of $850 million aggregate principal amount of its 5.5% Senior Notes due 2028 (the “Notes”). The Issuer intends to use the net proceeds from the sale of the Notes, together with cash on hand, to redeem all $950 million of its outstanding 8.125% Senior Notes due 2023, and to pay fees and expenses incurred in connection with the offering and the redemption.
Mr. Cooper provides servicing, origination and transaction-based services related principally to single-family residences throughout the United States with operations under its primary brands: Mr. Cooper and Xome. Mr. Cooper is one of the largest home loan servicers in the country focused on delivering a variety of servicing and lending products, services and technologies. Xome provides technology and data enhanced solutions to homebuyers, home sellers, real estate agents and mortgage companies.
The Simpson Thacher team included Richard Fenyes, Clark Warthen and Deul Lim (Capital Markets); Jennifer Neilsson (Executive Compensation and Employee Benefits); Marcy Geller and Sophie Staples (Tax); Lori Lesser and Bobbie Burrows (Intellectual Property); and Ben Wells and Patrick Quinn (’40 Act).