Homeward Residential to launch $375 million facility on Thursday

By Sara Rosenberg

New York, July 17 - Homeward Residential Inc. is scheduled to hold a bank meeting in New York at 9:30 a.m. ET on Thursday to launch a proposed $375 million credit facility, according to a market source.

Barclays Capital Inc., Bank of America Merrill Lynch and Citigroup Global Markets Inc. are the lead banks on the deal.

The facility consists of a $75 million revolver and a $300 million term loan, the source said.

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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