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
PHH Mortgage Corporation will remain the exclusive subservicer of the existing MAV portfolio for an initial term of five years.Onity Group Inc. sold a 15% stake in MSR Asset Vehicle LLC to Oaktree for $49.5 million, enhancing its capital structure.
Onity集團已將MSR Asset Vehicle LLC的15%股權出售給Oaktree，金額達4950萬美元，增強了其資本結構。
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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集團成功完成了將其在MSR Asset Vehicle LLC的15%股權出售給Oaktree Capital Management，售價4950萬美元。在這筆交易之後，Onity的子公司PHH Mortgage Corporation將繼續作爲MAV投資組合的獨家子賬務處理商，將管理MAV未來收購的MSR。這一出售是強化Onity資本結構更廣泛戰略的一部分，本次出售所得款項以及最近發行的50000萬美元票據的資金將用於贖回57000萬美元以上的高成本公司債務。首席執行官Glen A. Messina對這筆交易表示滿意，認爲這是朝着增強收益增長和財務靈活性的步驟，同時保持了與Oaktree的戰略關係。
Potential Positives
潛在的積極因素
- 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.
- 與Oaktree Capital Management完成交易使Onity集團獲得了4950萬美元的現金收益，增強了其流動性。
- Onity的子公司PHH Mortgage Corporation將繼續發揮關鍵作用，作爲MAV投資組合的獨家子賬務處理商，確保通過其子賬務關係持續的營收來源。
- 該交易促進了高成本公司債務的贖回，包括28900萬美元的7.875%優先票據和28500萬/2.13.25%的優先次級票據，改善了Onity的資本結構和財務靈活性。
Potential Negatives
潛在負面影響
- 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.
- 將 MSR 資產車輛 LLC 的 15% 股權出售給橡樹可能表明需要現金流動性或財務重組，這可能引發對公司財務健康的擔憂。
- MAV 必須遵守近期 MSR 銷售的 36 個月限制要求，這可能會限制 Onity 和 MAV 在此期間市場上的增長機會或靈活性。
- 發行 50000萬 美元高利率（9.875%）的優先票據，表明公司的借款成本可能面臨挑戰，並可能表明依賴高成本債務融資。
FAQ
常見問題
What recent transaction did Onity Group complete?
Onity Group 最近完成了哪筆交易？
Onity Group completed a transaction selling its 15% interest in MSR Asset Vehicle LLC to Oaktree Capital for $49.5 million.
Onity Group 完成了一筆交易，將其在 MSR 資產車輛有限責任公司的 15% 股權以 4950萬 美元的價格出售給橡樹資本。
How will PHH Mortgage Corporation be involved following the sale?
PHH Mortgage Corporation 在銷售後將如何參與？
PHH Mortgage Corporation will remain the exclusive subservicer of the existing MAV portfolio for an initial term of five years.
PHH Mortgage Corporation 將繼續成爲現有 MAV 投資組合的獨家下服務商，最初的期限爲五年。
What are the financial impacts of this transaction?
這筆交易的金融影響是什麼？
The transaction allows Onity to reduce high-cost corporate debt and enhance its capital structure, supporting future earnings growth.
該交易使Onity能夠減少高成本的公司債務，增強其資本結構，支持未來盈利增長。
What is Onity's core business focus?
Onity的核心業務重點是什麼？
Onity Group is a leading non-bank mortgage servicer and originator, offering services through its brands PHH Mortgage and Liberty Reverse Mortgage.
Onity集團是領先的非銀行抵押貸款服務商和發起人，通過其品牌PHH Mortgage和Liberty Reverse Mortgage提供服務。
Where can I find more information about Onity Group's transactions?
我在哪裏可以找到更多關於Onity集團交易的信息？
For more details, refer to Onity's Form 8-K filed with the SEC on December 3, 2024.
有關更多詳細信息，請參閱Onity於2024年12月3日提交給SEC的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.
免責聲明：這是由GlobeNewswire分發的新聞稿的人工智能生成摘要。用於總結這份稿件的模型可能會出錯。請在這裏查看完整發布。
Full Release
全面發佈
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（環球新聞社）- 弗羅裏達州西棕櫚灘，
Onity集團公司。
(紐約證券交易所：ONIT）（「Onity」或「公司」），一家領先的非銀行抵押貸款服務商和發起人，今日宣佈已完成先前宣佈的交易，由Oaktree Capital Management, L.P.（「Oaktree」）管理的基金，出售公司在MSR Asset Vehicle LLC（「MAV」）中的15%股權給Oaktree，總現金收益4950萬美元。
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抵押貸款公司將繼續作爲現有MAV投資組合的獨家次級服務商，初始期限爲五年，並將爲MAV收購的大多數新MSR提供服務。MAV在MAV出售後36個月內也將受到某些限制，無法進行近期MSR銷售。
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.
與交易的結束同時，總額爲50000萬的9.875%到期於2029年的高級票據發行的淨收益於2024年11月6日結束，與Onity額外的現金一起從託管中釋放。此次發行和MAV銷售的淨收益連同手頭現金被用於贖回所有PHH抵押貸款公司28900萬到期於2026年的7.875%高級票據和所有Onity28500萬到期於2027年的12.00%/13.25%二級留置權票據。
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集團董事長、總裁兼首席執行官Glen A. Messina表示：「我們很高興與Oaktree完成這筆交易，這對我們資本結構的顯著增強具有重要意義。與Oaktree的協議使我們能夠繼續與MAV保持重要的次級服務關係，並顯著降低我們最高成本的公司債務，我們預計這將支持未來的收益增長並提供財務靈活性。我們期待與Oaktree的戰略合作關係的延續和未來的機遇。」
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.
有關這些交易的更多信息，請參閱公司於2024年12月3日向證券交易委員會提交的8-K表格。
About Onity Group
關於Onity集團
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集團有限公司（紐交所：ONIT）是一家領先的非銀行抵押貸款服務商和發起者，通過其主要品牌PHH抵押貸款和自由反向抵押貸款提供解決方案。PHH抵押貸款是全國最大的服務提供商之一，專注於提供各種服務和貸款計劃。自由是全國最大的反向抵押貸款放款人之一，致力於教育和提供有助於客戶滿足個人和財務需求的貸款。我們總部位於佛羅里達州西棕櫚灘，在美國、美屬維爾京群島、印度和菲律賓設有辦事處和業務，自1988年以來一直爲客戶提供服務。如需更多信息，請訪問
onitygroup.com
.
Forward-Looking Statements
前瞻性聲明
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.
本新聞稿包含根據1933年證券法第27A條修訂版和1934年證券交易法第21E條修訂版的定義的前瞻性聲明，包括但不限於與未來收入增長和未來與Oaktree戰略機會相關的聲明。前瞻性聲明涉及許多假設、風險和不確定性，這些因素可能導致實際結果與前瞻性聲明中所表達的結果存在重大差異，包括在我們提交給證券交易委員會（"SEC"）的報告和文件中詳細列出的風險和不確定性，包括截至2023年12月31日的年度報告（表格10-K）以及自該日期以來提交給SEC的當前報告和季度報告。任何希望了解Onity業務的人都應該查看我們的SEC文件。
For Further Information Contact:
欲獲得更多信息，請聯繫：
Dico Akseraylian, SVP, Corporate Communications
(856) 917-0066
mediarelations@onitygroup.com
Dico Akseraylian，高級副總裁，企業傳播
(856) 917-0066
mediarelations@onitygroup.com
