Rithm Capital begins capped tender offer for 6¼% notes due 2025

By Marisa Wong

Los Angeles, March 4 – Rithm Capital Corp. has begun a cash tender offer for up to $275 million of its $550 million outstanding 6¼% senior notes due 2025 (Cusip: 64828TAA0, U65228AA3), according to a Monday press release.

Rithm is offering a total consideration of $1,000 per $1,000 principal amount. The total consideration includes and early tender payment of $30 per $1,000 of notes tendered by the early tender deadline.

Holders tendering after the early tender deadline will only be eligible to receive the tender offer consideration of $970 per $1,000 principal amount.

In either case, the company will also pay accrued interest.

The early tender deadline is 5 p.m. ET on March 15, which is also the withdrawal deadline.

The company may choose to have an early settlement date, which is expected to occur on March 19.

The offer will expire at 5 p.m. ET on April 1. Final settlement is planned for April 3.

The tender offer is subject to a financing condition.

The company said it reserves the right to amend, extend or terminate the offer at any time.

Citigroup Global Markets Inc. (800 558-3745 or 212 723-6106; ny.liabilitymanagement@citi.com) is the dealer manager for the offer.

D.F. King & Co., Inc. (212 269-5550 for banks and brokers or 800 578-5378; RITHM@dfking.com) is the tender and information agent.

Based in New York, Rithm is a global asset manager focused on real estate, credit and financial services.

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