Walter Investment Management plans more MSR acquisitions
Will use proceeds from a senior note offering
Mortgage servicer Walter Investment Management Corp. (WAC) just priced a previously announced senior-note offering, with the firm selling $575 million in notes due in 2021.
The notes will pay interest semi-annually at a rate of 7.875% per year.
Using the expected proceeds of approximately $563.5 million, the Tampa-based company intends to finance the acquisition of more mortgage servicing rights in addition to covering other credit arrangements and general corporate expenses.