Onity Group announces offering of $150M of senior notes due 2029

Onity Group (ONIT) announced that its subsidiaries PHH Corporation and PHH Escrow Issuer launched an offering of $150M aggregate principal amount of 9.875% Senior Notes due 2029, subject to market and other conditions. The PHH Senior Notes being offered are an additional issuance of the Issuers’ 9.875% Senior Notes due 2029 and will form a single series of debt securities with the $500M aggregate principal amount of such notes that were originally issued on November 6, 2024. The PHH Senior Notes are guaranteed on a senior secured basis by Onity and certain of PHH’s subsidiaries, including PHH Mortgage Corporation and PHH Asset Services. The net proceeds from the offering will be used for general corporate purposes, including the repayment of certain indebtedness of PMC and PAS.