Onity Group Inc. announced the offering of $150 million of senior notes due 2029 through its subsidiaries, PHH Corporation and PHH Escrow Issuer LLC. This offering is an additional issuance of the issuers' 9.875% senior notes due 2029, forming a single series of debt securities with the $500.0 million aggregate principal amount of such notes originally issued on November 6, 2024.
The net proceeds from the offering will be used for general corporate purposes, including the repayment of certain indebtedness of PHH Mortgage Corporation and PHH Asset Services LLC.
Onity Group Inc. is a leading non-bank financial services company providing mortgage servicing and originations solutions through its primary brands, PHH Mortgage and Liberty Reverse Mortgage. PHH Mortgage, one of the largest servicers in the country, is focused on delivering a variety of servicing and lending programs to consumers and business clients, while Liberty is dedicated to providing loans to help customers meet their personal and financial needs. The company has been serving its customers since 1988 and is headquartered in West Palm Beach, Florida, with offices and operations in the United States, the U.S. Virgin Islands, India, and the Philippines.
The press release did not provide specific financial metrics or changes since the last period. As a result of these announcements, the company's shares have moved -1.26% on the market, and are now trading at a price of $52.68. For the full picture, make sure to review ONITY GROUP INC.'s 8-K report.
