Onity Group Announces Multiple Transactions to Accelerate Capital Restructuring
Onity Group Inc. (ONIT)
Company Research
Source: GlobeNewswire
WEST PALM BEACH, Fla., Sept. 30, 2024 (GLOBE NEWSWIRE) -- Onity Group Inc. (NYSE: ONIT) (“Onity” or the “Company”), a leading non-bank mortgage servicer and originator, today announced multiple transactions to accelerate its ongoing capital restructuring plans. Oaktree Transactions On September 30, 2024, Onity entered into definitive agreements with funds managed by Oaktree Capital Management, L.P. (“Oaktree”) to amend the agreements between the Company and Oaktree to provide for the following: The Company will sell its 15% interest in MSR Asset Vehicle LLC (“MAV”) to Oaktree for a cash payment equal to adjusted book value upon closing plus $15 million, subject to certain adjustments (the “MAV Sale”). The total cash proceeds to be received by Onity upon consummation of the sale is currently expected to be approximately $49 million.The MAV Sale is expected to close in the fourth quarter of 2024 and is subject to certain closing adjustments and conditions, including regulatory appr
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