Ракетные компании has extended the deadline for investors to exchange debt issued by a Группа г-на Купера subsidiary for the lender’s own paper — a step tied to its $9.4 billion acquisition of the competitor.
The deadline moved from Sept. 2 to Sept. 30, still leaving enough time for the deal to close in the fourth quarter as planned. Ракета also signaled it may extend the deadline again until the acquisition and settlement align.
In a statement, the company said it “anticipates further extending the Expiration Date until such time that the мистер Купер Acquisition may be consummated substantially concurrently with the Settlement Date.”
The exchange offer covers $750 million in senior notes due in 2029 at 6.5% and $1 billion in senior notes due in 2032 at 7.125%. There are also notes due in 2030 paying 5.125% and others due in 2031 paying 5.75%. The debt was first issued by Nationstar Mortgage Holdings.
Participation has been high, with 98.4% of 2029 notes, 88.3% of 2030 notes, 89.3% of 2031 notes and 95.5% of 2032 notes already tendered and not withdrawn.
Recently, Rocket refinanced debt tied to its Mr. Cooper acquisition.
Ракета priced $4 billion in senior unsecured notes — $2 billion due in 2030 at 6.125% and $2 billion due in 2033 at 6.375%. The proceeds will primarily redeem the notes of Nationstar, a Mr. Cooper subsidiary, that mature between 2026 and 2028. Рейтинги Fitch assigned the notes a BBB- rating.
The Федеральное агентство жилищного финансирования (ФХФА) одобренный the merger in late August, imposing a 20% cap на Фанни Мэй и Фредди Мак servicing exposure for the combined company.
В заявлении, данном ЖильеПроволока, a Rocket Companies spokesperson said, “We are pleased to have cleared FHFA’s review in our pending acquisition of Mr. Cooper, which we expect to close in the fourth quarter.“
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