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Homeward Residential talks $300 million loan at Libor plus 700 bps
By Sara Rosenberg
New York, July 19 - Homeward Residential Inc. launched its $300 million term loan with price talk of Libor plus 700 basis points with a 1.5% Libor floor and an original issue discount of 96 on Thursday, according to a market source.
There is hard call protection of 102 in year one and 101 in year two, the source said.
The company's $375 million credit facility (B1) also includes a $75 million revolver.
Commitments are due on Aug. 2, the source added.
Barclays Capital Inc., Bank of America Merrill Lynch and Citigroup Global Markets Inc. are the lead banks on the deal.
Proceeds will be used to redeem preferred shares held by WL Ross & Co.
Homeward Residential is a Coppell, Texas-based non-bank mortgage servicing and finance company.
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