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Stearns takes in tenders of $60 million 9 3/8% notes due 2020
By Wendy Van Sickle
Columbus, Ohio, May 11 – Stearns Holdings, LLC, the parent company of Stearns Lending, LLC, and Stearns Co-Issuer, Inc. said $60 million, or 24%, of their outstanding $250 million of 9 3/8% senior secured notes due 2020 were tendered under their offer for up to $80 million of the notes.
The tender offer was announced on April 13 and expired at 11:59 p.m. ET on May 10.
The purchase price is par plus accrued interest to but excluding the payment date for a total of $1,023.177 for each $1,000 principal amount.
Settlement is expected to occur on May 14.
Stearns was required under the note indenture to make the tender offer as a result of an asset sale.
Barclays (800 438-3242 or 212 528-7581) is the dealer manager. D.F. King & Co, Inc. (866 796-7180, 212 269-5550 or shllc@dfking.com) is the information agent.
Stearns is a Santa Ana, Calif.-based independent mortgage origination and servicing company.
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