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Freedom Mortgage eliminates discount on $250 million add-on term loan
By Paul A. Harris
Portland, Ore., June 23 – Freedom Mortgage Corp. eliminated the discount on its fungible $250 million add-on first-lien senior secured term loan due Feb. 23, 2022, according to a market source.
The deal is now set to come at par, versus previous discount talk of 99.75.
The spread remains at Libor plus 550 basis points atop a 1% Libor floor, which matches existing first-lien term loan pricing.
Barclays is the lead bank on the deal.
Commitments were due on Friday.
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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