By Devika Patel
Knoxville, Tenn., May 20 – New Residential Investment Corp. settled a $600 million 11% three-year senior secured term loan facility on May 20, according to a press release and 8-K filed with the Securities and Exchange Commission. The agent was Cortland Capital Market Services LLC.
The company drew down $310 million on May 20, with the remaining $290 million expected to be funded on or around May 27.
The loan may be prepaid without penalty or premium.
The investors also received warrants for 43,441,606 common shares. The warrants are exercisable at either $6.11 per share or $7.94 per share from Sept. 19, 2020 until May19, 2023.
Investors included funds affiliated with Canyon Partners, LLC and credit funds managed by affiliates of Fortress Investment Group LLC.
Proceeds will be used to repay one or more existing credit facilities, for working capital and other general corporate purposes.
New Residential is a New York-based real estate investment trust focused on residential mortgage-related assets.
| Issuer: | New Residential Investment Corp.
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| Issue: | Senior secured term loan facility
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| Amount: | $600 million
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| Maturity: | Three years
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| Coupon: | 11%
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| Call: | Without penalty or premium
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| Warrants: | For 43,441,606 shares
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| Warrant expiration: | May 19, 2023
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| Warrant strike price: | $6.11 (series 1 warrants), $7.94 (series 2 warrants)
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| Agent: | Cortland Capital Market Services LLC
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| Investor: | Canyon Partners, LLC and Fortress Investment Group LLC
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| Settlement date: | May 20 (for $310 million), May 27 (for $290 million)
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| Distribution: | Private placement
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