These notes will be part of an existing 6.5% Senior Notes Due 2018 $250 million issuance which took place on July 22. This means both offerings will be part of a single series of debt securities.
Proceeds are to be used for general corporate purposes, including acquisitions of servicing portfolios. The original offering helped to fund the Bank of America mortgage servicing rights purchase.
Credit Suisse Securities (USA) LLC is the book-running manager for the offering.