Onity Group Announces Closing of $200 Million Senior Notes Offering

Core Viewpoint - Onity Group Inc. successfully closed a $200 million offering of 9.875% Senior Notes due 2029, aimed at strengthening its capital structure and enhancing financial flexibility [1][2]. Group 1: Debt Offering Details - The offering of the PHH Senior Notes was executed at attractive terms, with strong investor demand indicating confidence in Onity's strategy and financial results [2]. - The effective yield on this debt issuance is nearly 148 basis points lower than the original debt issuance in November 2024, which is expected to provide greater financial flexibility for managing leverage and investing in business growth [2]. - The PHH Senior Notes form a single series with the previously issued $500 million aggregate principal amount of the same notes [2]. Group 2: Use of Proceeds - The net proceeds from the offering will be utilized for general corporate purposes, including the repayment of mortgage servicing rights (MSR) indebtedness [3]. Group 3: Company Overview - Onity Group Inc. is a leading non-bank financial services company specializing in mortgage servicing and originations through its primary brands, PHH Mortgage and Liberty Reverse Mortgage [6]. - PHH Mortgage is one of the largest servicers in the U.S., providing a variety of servicing and lending programs [6]. - The company has been operational since 1988 and is headquartered in West Palm Beach, Florida, with additional offices in the U.S. Virgin Islands, India, and the Philippines [6].