Freedom Mortgage driving by with $450 million five-year notes; initial talk high-9% area

By Paul A. Harris

Portland, Ore., Jan. 24 – Freedom Mortgage Holdings LLC plans to price a $450 million offering of five-year senior notes (B2/B) in a Wednesday drive-by, according to market sources.

Initial guidance is in the high-9% area, according to a source, who said that the deal is playing to $375 million of reverse inquiry.

The Rule 144A and Regulation S notes come with two years of call protection.

J.P. Morgan Securities LLC is leading the notes sale.

The mortgage lender, which is based in Mount Laurel, N.J., plans to use the proceeds to refinance debt.

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