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COOP - Mr. Cooper issues $650M of new senior notes and will redeem $700M of notes
Mr. Cooper Group Inc.
Mr. Cooper Group (COOP) prices an offering of $650M of 5.125% senior notes due 2030 by its Nationstar Mortgage Holdings unit.The company expects to use the proceeds plus $176M of cash on hand to redeem all $750M of outstanding 9.125% senior notes due 2026 issued by Nationstar, including ~$71M of breakage costs and ~$5M of related fees.The transaction will reduce COOP's annual interest expense by ~$35M.The offering is expected to close on or about Dec. 4, 2020.