HLSS Holdings is coming out with a $300 million securitization of servicer advances, according to a presale report by Standard & Poor's.
The deal, known as Advance Receivables-Backed Notes Series 2013-T7, is split into four tranches: the A-T7 notes have been assigned a preliminary AAA rating, B-T7 notes have been assigned a preliminary AA rating, C-T7 notes have been assigned a preliminary A ratings and D-T7 notes have been assigned a preliminary BBB rating.
The series 2013-T7 notes are very similar to the 2013-T5 series that were issued in August 2013, according to the S&P presale report. Both deals have 36-month revolving periods, similar coupon rates, recovery curves, and advance rates.
The series 2013-T7 notes are backed by servicer advance and servicing fee advance receivables. These are related to the obligation of the servicer, in this case,
The arrangers on the deal are Barclays Capital, Credit Suisse Securities and Wells Fargo Securities.
