Mr. Cooper Group Inc. (NASDAQ: COOP) has announced the pricing of an offering by its direct wholly-owned subsidiary, Nationstar Mortgage Holdings Inc., of $1 billion 7.125% senior notes due 2032. The notes will bear interest at 7.125% per annum and will mature on February 1, 2032, with interest payable semi-annually beginning on August 1, 2024. The offering is expected to close around February 1, 2024, subject to customary closing conditions.
The net proceeds of the offering are expected to be used to repay a portion of the amounts outstanding under Mr. Cooper's MSR facilities. The notes will be guaranteed on a joint and several basis by Mr. Cooper and wholly-owned domestic subsidiaries of Nationstar, excluding certain subsidiaries. The offering of the notes was made to qualified institutional buyers in the United States and pursuant to regulation S outside the United States.
As a result of this announcement, the company's shares have moved 0.3% and are currently trading at a price of $68.22.
Mr. Cooper Group Inc.'s full 8-K submission is available here.
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|---|
| Revenue (MM) | $164 | $1,927 | $2,689 | $3,318 | $2,464 | $1,693 |
| Revenue Growth | n/a | 1075.0% | 39.54% | 23.39% | -25.74% | -31.29% |
| Net Margins | -39% | 14% | 11% | 44% | 37% | 27% |
| Net Income (MM) | -$64 | $274 | $305 | $1,454 | $923 | $455 |
| Earnings Per Share | -$0.07 | $2.95 | $3.2 | $16.53 | $12.5 | $6.98 |
| EPS Growth | n/a | 4314.29% | 8.47% | 416.56% | -24.38% | -44.16% |
| Diluted Shares (MM) | 918 | 92 | 94 | 86 | 74 | 68 |
