©Reuters.
NEW YORK – Rithm Capital Corp. (NYSE: RITM), a global asset manager focused on real estate, credit and financial services, has priced a $775 million offering of senior unsecured notes yielding 8,000%, with expires in 2029.
The company announced plans to apply a portion of the net proceeds to reduce existing debt, specifically targeting the repurchase of up to $275 million of its 6.250% senior unsecured notes due 2025. The remaining funds are intended for general business purposes.
The offering, subject to customary conditions, is expected to close on March 19, 2024. These notes will not be registered under the U.S. Securities Act of 1933 or any state securities laws and may not be offered or sold in the United States without registration or exemption. The offering is made to qualified institutional buyers in the United States pursuant to Rule 144A and to non-U.S. persons outside the United States pursuant to Regulation S.
Rithm Capital has generated approximately $5.0 billion in dividends to shareholders since its inception in 2013 and operates under the structure of a real estate investment trust for federal income tax purposes. The company’s portfolio includes Sculptor Capital Management (NYSE:), Inc., Newrez LLC and Genesis Capital LLC, which are among its wholly owned mortgage origination and management platform subsidiaries.
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