Walter Investment Management Corp., Tampa, Fla., has priced a private placement of RMBS notes to be issued by Mid-State Capital Trust 2010-1.
The offering consists of $135 million of notes secured by residential mortgage loans, building and installment sale contracts, promissory notes, related mortgages and other security agreements.
The offering will have $56 million of Class A notes with an initial interest rate of 3.5% per year and $78 million of Class M notes with an initial interest rate of 5.25% per year.
The notes are scheduled to mature in December 2045. The offering is currently expected to close on Nov. 30.
The offering is being made by means of a private placement memorandum. The notes have not been and will not be registered under the Securities Act of 1933 and may not be offered or sold in the U.S. absent registration or an applicable exemption from registration requirements.
