Nationstar Holdings raised $300 million to buy, among other things, mortgage servicing rights from Residential Capital.
Ally Financial is looking to sell off portions of its mortgage subsidiary. Nationstar is long understood to be the foremost party of interest.
According to a filing with the Securities & Exchange Commission, Nationstar sold $300 million in unregistered notes to Credit Suisse Securities, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Barclays Capital, RBS Securities and Wells Fargo Securities.
The notes are guaranteed on a senior basis by Nationstar.
“The Company will use the net proceeds from the sale of the Notes for general corporate purposes, which may include future acquisitions and transfers of servicing portfolios, including but not limited to, the acquisition of certain residential mortgage servicing assets from Residential Capital, LLC, and/or related businesses from third parties,” the filing states.
