Onity subsidiary prices $500M of 9.875% senior notes due 2029 to refinance debt

ONITY GROUP INC.

$500M aggregate principal, 9.875% coupon, due 2029; priced at 99.556% of par.
Close expected Nov 6, 2024; proceeds placed in escrow pending MAV sale of 15% stake in MSR Asset Vehicle LLC to Oaktree.
Proceeds plus MAV sale cash to redeem PHH Mortgage 7.875% notes due 2026 and Onity 12.00%/13.25% second lien notes due 2027.
Upon escrow release, PHH Corp becomes co-issuer; Onity and certain subsidiaries guarantee the notes.

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