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New Residential Investment unit issues $400M term notes

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New Residential Investment unit issues $400M term notes

New Residential Investment Corp., its indirect subsidiary NRZ Advance Receivables Trust 2015-ON1, HLSS Holdings LLC, Deutsche Bank National Trust Co., PHH Mortgage Corp., New Residential Mortgage LLC, NewRez LLC d/b/a Shellpoint Mortgage Servicing and Credit Suisse AG, New York Branch entered into a financing transaction.

Under the agreement, NRZ Advance Receivables Trust issued $400 million of rated receivables-backed term notes, the proceeds of which were used to redeem another series of its notes.

The new issuance is secured by servicer advance receivables made by PHH Mortgage, Shellpoint Mortgage and New Residential Mortgage and accrued and unpaid servicing fees payable under certain identified residential mortgage loan servicing agreements.

The notes bear fixed interest, varying by class, ranging from 2.52% to 4.39% per annum. The revolving period for the latest series ends Aug. 15, 2023.