Stearns takes in tenders of $60 million 9 3/8% notes due 2020

By Wendy Van Sickle

Columbus, Ohio, May 11 – Stearns Holdings, LLC, the parent company of Stearns Lending, LLC, and Stearns Co-Issuer, Inc. said $60 million, or 24%, of their outstanding $250 million of 9 3/8% senior secured notes due 2020 were tendered under their offer for up to $80 million of the notes.

The tender offer was announced on April 13 and expired at 11:59 p.m. ET on May 10.

The purchase price is par plus accrued interest to but excluding the payment date for a total of $1,023.177 for each $1,000 principal amount.

Settlement is expected to occur on May 14.

Stearns was required under the note indenture to make the tender offer as a result of an asset sale.

Barclays (800 438-3242 or 212 528-7581) is the dealer manager. D.F. King & Co, Inc. (866 796-7180, 212 269-5550 or shllc@dfking.com) is the information agent.

Stearns is a Santa Ana, Calif.-based independent mortgage origination and servicing company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.