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Onity Group Inc. Completes $49.5 Million Sale of Interest in MSR Asset Vehicle LLC to Oaktree Capital Management

Onity Group Inc. Completes $49.5 Million Sale of Interest in MSR Asset Vehicle LLC to Oaktree Capital Management

Onity集团有限公司完成了4950万美元出售对MSR资产车辆有限责任公司的权益,买方为橡树资本管理公司
Quiver Quantitative ·  12/04 05:21

Onity Group Inc. sold a 15% stake in MSR Asset Vehicle LLC to Oaktree for $49.5 million, enhancing its capital structure.

Onity集团公司将 MSR资产车辆有限责任公司15%的股权卖给Oaktree,售价为4950万美元,从而增强了其资本结构。

Quiver AI Summary

Quiver AI 概要

Onity Group Inc. has successfully completed the sale of its 15% interest in MSR Asset Vehicle LLC to Oaktree Capital Management for $49.5 million. Following this transaction, Onity's subsidiary, PHH Mortgage Corporation, will continue as the exclusive subservicer for the MAV portfolio for five years and will manage future MSRs acquired by MAV. The sale is part of a broader strategy to strengthen Onity's capital structure, as proceeds from this sale, along with funds from a recent $500 million note offering, will be used to redeem over $570 million in higher-cost corporate debt. CEO Glen A. Messina expressed satisfaction with the deal, seeing it as a step towards enhanced earnings growth and financial flexibility while maintaining a strategic relationship with Oaktree.

Onity集团公司已成功完成向Oaktree Capital Management出售 MSR资产车辆有限责任公司15%股权的交易,金额为4950万美元。在此交易之后,Onity的子公司PHH Mortgage Corporation将继续作为MAV投资组合的唯一副管理员五年,并将管理MAV未来收购的MSR。 这项销售是加强Onity资本结构战略的一部分,本次销售的收益以及最近50000万美元的票据募集的资金将用于赎回超过57000万美元的较高成本公司债。首席执行官Glen A. Messina对交易表示满意,认为这是朝着增加收益增长和财务灵活性的一步,同时保持与Oaktree的战略关系。

Potential Positives

潜在的积极因素

  • The completion of the transaction with Oaktree Capital Management allowed Onity Group to generate $49.5 million in cash proceeds, enhancing its liquidity.
  • Onity's subsidiary, PHH Mortgage Corporation, will continue to play a key role as the exclusive subservicer for the MAV portfolio, ensuring ongoing revenue streams from its subservicing relationship.
  • The transaction facilitated the redemption of high-cost corporate debt, including $289 million of 7.875% Senior Notes and $285 million of 12.00%/13.25% Senior Second Lien Notes, improving Onity's capital structure and financial flexibility.
  • 与Oaktree Capital Management的交易完成使Onity集团公司能够产生4950万美元的现金收益,增强了其流动性。
  • Onity的子公司PHH Mortgage Corporation将继续发挥关键作用,成为MAV投资组合的唯一副管理员,确保从其副管理员关系中获得持续的营收流。
  • 此交易促使赎回高成本公司债务,包括28900万美元的7.875%优先票据以及28500万美元的12.00% / 13.25%次优先留置票据,改善了Onity的资本结构和财务灵活性。

Potential Negatives

潜在负面影响

  • The sale of a 15% interest in MSR Asset Vehicle LLC to Oaktree may indicate a need for cash liquidity or financial restructuring, which could raise concerns about the company's financial health.
  • The requirement for MAV to observe a 36-month restriction on near-term MSR sales may limit growth opportunities or flexibility in the market for both Onity and MAV during this period.
  • The raising of $500 million in Senior Notes at a high interest rate (9.875%) suggests potential challenges in the company's cost of borrowing and may indicate a reliance on high-cost debt financing.
  • 出售MSR资产车辆有限责任公司15%的股权给Oaktree可能表明需要现金流动性或财务重组,这可能引发对公司财务健康状况的担忧。
  • MAV需要遵守对近期MSR销售的36个月限制要求,可能会限制Onity和MAV在此期间的增长机会或市场灵活性。
  • 以高利率(9.875%)发行50000万美元高级票据表明公司在借贷成本方面可能面临挑战,并可能表明依赖高成本债务融资。

FAQ

常见问题

What recent transaction did Onity Group complete?

Onity集团最近完成了哪笔交易?

Onity Group completed a transaction selling its 15% interest in MSR Asset Vehicle LLC to Oaktree Capital for $49.5 million.

Onity集团以4950万美元的价格向Oaktree Capital出售了其在MSR资产车辆有限责任公司的15%股权。

How will PHH Mortgage Corporation be involved following the sale?

出售后PHH Mortgage Corporation将如何参与其中?

PHH Mortgage Corporation will remain the exclusive subservicer of the existing MAV portfolio for an initial term of five years.

PHH Mortgage Corporation将继续作为现有MAV投资组合的独家专属子服务商,首期服务期为五年。

What are the financial impacts of this transaction?

这笔交易的财务影响是什么?

The transaction allows Onity to reduce high-cost corporate debt and enhance its capital structure, supporting future earnings growth.

该交易使Onity能够减少高成本的公司债务,增强其资本结构,从而支持未来收益增长。

What is Onity's core business focus?

Onity的核心业务重点是什么?

Onity Group is a leading non-bank mortgage servicer and originator, offering services through its brands PHH Mortgage and Liberty Reverse Mortgage.

Onity集团是一家领先的非银行抵押贷款服务商和发起人,通过其品牌PHH Mortgage和Liberty Reverse Mortgage提供服务。

Where can I find more information about Onity Group's transactions?

我在哪里可以找到关于Onity集团交易的更多信息?

For more details, refer to Onity's Form 8-K filed with the SEC on December 3, 2024.

更多细节请参考Onity于2024年12月3日提交给美国证券交易委员会的第8-K表格。

Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.

免责声明:这是由GlobeNewswire分发的新闻稿的人工智能生成摘要。用于总结这份稿件的模型可能会出错。请在这里查看完整发布。


Full Release

全面发布



WEST PALM BEACH, Fla., Dec. 03, 2024 (GLOBE NEWSWIRE) --

Onity Group Inc.

(NYSE: ONIT) ("Onity" or the "Company"), a leading non-bank mortgage servicer and originator, today announced that it has completed the previously announced transaction with funds managed by Oaktree Capital Management, L.P. ("Oaktree") to sell the Company's 15% interest in MSR Asset Vehicle LLC ("MAV") to Oaktree for total cash proceeds of $49.5 million.


2024年12月03日,(全球新闻社)--

Onity集团公司。

(纽交所: ONIT) ("Onity"或"公司"),一家领先的非银行抵押服务商和发起人,今天宣布已与Oaktree Capital Management, L.P.("Oaktree")经营的基金完成了此前宣布的交易,将公司在MSR Asset Vehicle LLC("MAV")的15%股权以总现金收益4950万美元出售给了Oaktree。



Onity's subsidiary, PHH Mortgage Corporation, will remain the exclusive subservicer of the existing MAV portfolio for an initial term of five years and will subservice the majority of new MSRs acquired by MAV. MAV also will be subject to certain restrictions on near-term MSR sales for 36 months following the closing of the MAV sale.


Onity的子公司PHH抵押贷款公司将继续作为现有MAV投资组合的独家次级服务商,初始期限为五年,并将为MAV收购的大多数新MSR提供服务。MAV在MAV出售后36个月内也将受到某些限制,无法进行近期MSR销售。



Concurrent with the closing of the transaction, the net proceeds from the offering of $500 million aggregate principal amount of 9.875% Senior Notes due 2029, which closed on November 6, 2024, together with additional cash from Onity, were released from escrow. The net proceeds from the offering and the MAV sale were used, together with cash on hand, to redeem all of PHH Mortgage Corporation's $289 million of outstanding 7.875% Senior Notes due 2026 and all of Onity's $285 million of outstanding 12.00%/13.25% Senior Second Lien Notes due 2027.


与交易的结束同时,总额为50000万的9.875%到期于2029年的高级票据发行的净收益于2024年11月6日结束,与Onity额外的现金一起从托管中释放。此次发行和MAV销售的净收益连同手头现金被用于赎回所有PHH抵押贷款公司28900万到期于2026年的7.875%高级票据和所有Onity28500万到期于2027年的12.00%/13.25%二级留置权票据。



Glen A. Messina, Chair, President and CEO of Onity Group, said, "We are pleased to complete this transaction with Oaktree which facilitates a significant enhancement to our capital structure. The agreement with Oaktree enables us to continue our important subservicing relationship with MAV and meaningfully reduce our highest-cost corporate debt, which we expect will support future earnings growth and provide financial flexibility. We look forward to the continuation of our strategic partnership with Oaktree and to future opportunities."


Onity集团董事长、总裁兼首席执行官Glen A. Messina表示:“我们很高兴与Oaktree完成这笔交易,这对我们资本结构的显著增强具有重要意义。与Oaktree的协议使我们能够继续与MAV保持重要的次级服务关系,并显著降低我们最高成本的公司债务,我们预计这将支持未来的收益增长并提供财务灵活性。我们期待与Oaktree的战略合作关系的延续和未来的机遇。”



For additional information regarding these transactions, please see the Company's Form 8-K filed with the Securities and Exchange Commission on December 3, 2024.


有关这些交易的更多信息,请参阅公司于2024年12月3日向证券交易委员会提交的8-K表格。




About Onity Group



关于Onity集团



Onity Group Inc. (NYSE: ONIT) is a leading non-bank mortgage servicer and originator providing solutions through its primary brands, PHH Mortgage and Liberty Reverse Mortgage. PHH Mortgage is one of the largest servicers in the country, focused on delivering a variety of servicing and lending programs. Liberty is one of the nation's largest reverse mortgage lenders dedicated to education and providing loans that help customers meet their personal and financial needs. We are headquartered in West Palm Beach, Florida, with offices and operations in the United States, the U.S. Virgin Islands, India and the Philippines, and have been serving our customers since 1988. For additional information, please visit

onitygroup.com

.


Onity Group Inc.(NYSE:ONIT)是一家领先的非银行抵押贷款服务商和贷款机构,通过其主要品牌PHH Mortgage和Liberty Reverse Mortgage提供解决方案。PHH Mortgage是该国最大的服务商之一,专注于提供各种服务和贷款方案。Liberty是美国最大的反向抵押贷款放款人之一,致力于教育和提供帮助客户满足个人和财务需求的贷款。我们总部位于佛罗里达州西棕榈滩,在美国、美属维尔京群岛、印度和菲律宾设有办事处和业务,自1988年以来一直为客户提供服务。如需额外信息,请访问

onitygroup.com

.




Forward-Looking Statements



前瞻性声明



This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, but not limited to, statements relating to future earnings growth and future strategic opportunities with Oaktree. Forward-looking statements involve a number of assumptions, risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including the risks and uncertainties detailed in our reports and filings with the Securities and Exchange Commission ("SEC"), including our Annual Report on Form 10-K for the year ended December 31, 2023, and current reports and quarterly reports filed with the SEC since such date. Anyone wishing to understand Onity's business should review our SEC filings.


本新闻稿包含根据1933年证券法第27A条修订版和1934年证券交易法第21E条修订版的定义的前瞻性声明,包括但不限于与未来收入增长和未来与Oaktree战略机会相关的声明。前瞻性声明涉及许多假设、风险和不确定性,这些因素可能导致实际结果与前瞻性声明中所表达的结果存在重大差异,包括在我们提交给证券交易委员会("SEC")的报告和文件中详细列出的风险和不确定性,包括截至2023年12月31日的年度报告(表格10-K)以及自该日期以来提交给SEC的当前报告和季度报告。任何希望了解Onity业务的人都应该查看我们的SEC文件。




For Further Information Contact:



欲获得更多信息,请联系:



Dico Akseraylian, SVP, Corporate Communications
(856) 917-0066

mediarelations@onitygroup.com


Dico Akseraylian,高级副总裁,企业传播
(856) 917-0066

mediarelations@onitygroup.com



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