By Lisa Kerner
Charlotte, N.C., May 27 - Walter Investment Management Corp. sold about $85 million of class B secured notes issued on Nov. 22, 2010 by Mid-State Capital Trust 2010-1 in a private placement, according to an 8-K filing with the Securities and Exchange Commission.
The notes have an initial interest rate of 7% and are expected to mature in December 2045.
Proceeds will be used to fund Walter Investment's acquisition of GTCS Holdings LLC.
The notes are backed by U.S. residential mortgage loans, building and installment sale contracts, promissory notes, related mortgages and other security agreements, the filing said.
Mid-State Capital Trust 2010-1 is a subsidiary of Mid-State Capital, LLC, a wholly owned subsidiary of Walter Investment, a Tampa, Fla.-based asset manager, mortgage servicer and mortgage portfolio owner.
| Issuer: | Mid-State Capital Trust 2101-1
|
| Issue: | Class B secured notes
|
| Amount: | $85 million
|
| Maturity: | December 2045
|
| Coupon: | 7%
|
| Settlement date: | May 27
|
| Distribution: | Private placement
|
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