Simpson Thacher recently represented the initial purchasers, led by J.P. Morgan Securities LLC, in connection with the offering by PHH Escrow Issuer LLC (the “Issuer”), a special purpose subsidiary of Onity Group, Inc. (“Onity”), of $200 million aggregate principal amount of 9.875% Senior Notes due 2029 (the “Notes”), pursuant to Rule 144A and Regulation S. The 9.875% Senior Notes due 2029 were issued as additional notes under an existing indenture pursuant to which Onity previously issued $500 million aggregate principal amount of 9.875% Senior Notes due 2029.
The net proceeds from the sale of the Notes were used for general corporate purposes, including to repay MSR indebtedness.
Onity is a leading non-bank mortgage originator and servicer.
The Simpson Thacher team included John C. Ericson, Patrick Baron and Erin Camia (Capital Markets); Jonathan Pall (Collateral); Michael Mann and Kris Liu (Tax); Paige Brinton (Intellectual Property); Pasco Struhs (Executive Compensation and Employee Benefits); and Jennie Getsin (Blue Sky).