By Paul A. Harris
Portland, Ore., Sept. 14 – New Residential Investment Corp. priced a $550 million issue of five-year notes (B3/B-) at par to yield 6¼% on Monday, according to a syndicate source.
The yield printed at the wide end of the 6% to 6¼% yield talk.
Credit Suisse Securities (USA) LLC was the left lead bookrunner. Joint bookrunners were J.P. Morgan Securities LLC and Citigroup Global Markets Inc.
Proceeds will be used to repay term loan debt.
The issuer is a New York-based real estate investment trust primarily focused on originating and servicing mortgages and investing in residential mortgage related assets.
| Issuer: | New Residential Investment Corp.
|
| Amount: | $550 million
|
| Maturity: | Oct. 15, 2025
|
| Securities: | Notes
|
| Left lead bookrunner: | Credit Suisse Securities (USA) LLC
|
| Joint bookrunners: | J.P. Morgan Securities LLC and Citigroup Global Markets Inc.
|
| Co-managers: | BTIG LLC and RBC Capital Markets Corp.
|
| Coupon: | 6¼%
|
| Price: | Par
|
| Yield: | 6¼%
|
| Spread: | 596.5 bps
|
| First call: | Oct. 15, 2022 at 103.125
|
| Trade date: | Sept. 14
|
| Settlement date: | Sept. 16
|
| Ratings: | Moody's: B3
|
| S&P: B-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 6% to 6¼%
|
| Marketing: | Roadshow
|
|
|
© 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.
