Select Portfolio Servicing (SPS), a Credit Suisse subsidiary, plans to issue $1 billion in term notes backed by repayment rights to interest and principal payments advanced to bondholders when homeowners fall behind on their mortgage payments.

The term notes will be offered over two series from the SPS Service Advance Receivables Trust. The series 2015-T2 will offer a total of $600 million of notes with an expected repayment date of Jan. 16, 2017. The series 2015 -T3 will offer a total of $400 million of notes with an expected repayment date of July 17, 2017.

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