Onity Group Announces Proposed Offering of $475 Million of Senior Notes Due 2029
Onity Group Inc. (ONIT)
Company Research
Source: GlobeNewswire
WEST PALM BEACH, Fla., Oct. 21, 2024 (GLOBE NEWSWIRE) -- Onity Group Inc. (NYSE: ONIT) (“Onity”), a leading non-bank mortgage servicer and originator, today announced that PHH Escrow Issuer LLC (“Escrow Issuer”), a wholly-owned special purpose subsidiary of PHH Corporation (“PHH”), plans to offer $475 million aggregate principal amount of Senior Notes due 2029 (the “Notes”), subject to market and other conditions. The Notes will initially be issued by Escrow Issuer. The net proceeds from the sale of the Notes, together with additional cash from Onity, are expected to be placed into escrow pending the satisfaction of certain conditions, including, but not limited to, the consummation of the recently announced sale by Onity of its 15% ownership interest in MSR Asset Vehicle LLC to certain funds affiliated with Oaktree Capital Management, L.P. (the “MAV Sale”). Upon satisfaction of the escrow conditions, the escrowed proceeds will be released to PHH Corporation, and at that time PHH C
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