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New Residential Investments refinances senior secured term loan

Sep. 16, 2020 5:27 PM ETRITMBy: Manshi Mamtora, CFA20 Comments
  • New Residential Investment's (NYSE:NRZ) previously announced $550M 6.250% senior unsecured notes due 2025 will be used, together with cash on hand, to prepay and retire its three-year 11.00% senior secured term loan facility and to pay related fees and expenses.
  • "The refinancing of the secured term loan will provide us additional financial flexibility and result in approximately $30M of annualized savings. This is a terrific transaction that reflects New Residential’s deep franchise value and represents a key step in further reducing our overall cost of capital. As we have gone through the third quarter of 2020, we have continued to lower our cost of funds across our capital structure, issuing eight securitizations for approximately $3.5B UPB of collateral. We estimate that the refinancing of existing securitizations will result in savings of approximately $20M per year.” said Michael Nierenberg, Chairman, CEO and President.
  • Check out the company's Wall St. Rating and price target.

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