S&P assigns B- to Rithm notes

S&P said it assigned its B- debt rating to Rithm Capital Corp.'s planned $775 million of senior unsecured notes due 2029.

“Our rating on the proposed senior unsecured notes is one notch below the issuer credit rating (B/stable/--). This is because we expect Rithm's priority debt to remain above 30% of adjusted assets and because we expect its unencumbered assets-to-unsecured debt ratio to remain above 1x,” S&P said in a press release.

The company intends to use the proceeds to repay debt, including redeeming up to $275 million of its 2025 senior unsecured notes, which had an outstanding balance of $550 million as of year-end 2023. It also intends to use the proceeds for general corporate purposes.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.