Onity Group Announces Closing of MSR Asset Vehicle Sale to Oaktree [Yahoo! Finance]
Carrier Global Corporation (CARR)
Company Research
Source: Yahoo! Finance
Onity's subsidiary, PHH Mortgage Corporation, will continue to subservice the existing portfolio and majority of new MSRs acquired by MAV. The sale proceeds, along with net proceeds from a recent bond offering, were used to redeem $574 million of outstanding senior notes, reducing Onity's highest-cost corporate debt and enhancing its capital structure. WEST PALM BEACH, Fla., Dec. 03, 2024 (GLOBE NEWSWIRE) -- Onity Group Inc. (NYSE: ONIT) (“Onity” or the “Company”), a leading non-bank mortgage servicer and originator, today announced that it has completed the previously announced transaction with funds managed by Oaktree Capital Management, L.P. (“Oaktree”) to sell the Company's 15% interest in MSR Asset Vehicle LLC (“MAV”) to Oaktree for total cash proceeds of $49.5 million. Onity's subsidiary, PHH Mortgage Corporation, will remain the exclusive subservicer of the existing MAV portfolio for an initial term of five years and will subservice the majority of new MSRs acquired by MAV.
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