Freedom Mortgage launches $250 million add-on term loan at 99.75 OID

By Sara Rosenberg

New York, June 15 – Freedom Mortgage Corp. launched on Thursday its fungible $250 million add-on first-lien senior secured term loan due Feb. 23, 2022 with price talk of Libor plus 550 basis points with a 1% Libor floor and an original issue discount of 99.75, according to a market source.

The spread and floor on the add-on term loan matches existing first-lien term loan pricing.

Barclays is the lead bank on the deal.

Commitments are due at noon ET on June 22, the source added.

Proceeds will be used for general corporate purposes, including potential strategic acquisitions of Mortgage Servicing Rights.

Freedom Mortgage is a Mount Laurel, N.J.-based top tier residential mortgage company engaged in the origination, servicing, selling and securitizing of primarily agency-eligible residential mortgage loans.

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