NationStar Mortgage Holdings in $250 Million IPO
March 13, 2012
Cleary Gottlieb represented NationStar Mortgage Holdings in its $250 million initial public offering of approximately 19 million shares of common stock (including full exercise of the underwriters’ over-allotment option). NationStar is majority-owned by an affiliate of Fortress Investment Group, which did not participate in the offering and continues to own approximately 78.5% of the company. The offering priced on March 7 at $14 per share and closed on March 13.
Cleary Gottlieb also advised NationStar with respect to a reorganization of corporate entities in connection with this offering, including a unit exchange of membership interests in the sponsor for shares in the public company.
NationStar is a leading non-bank residential mortgage servicer known for its strong servicer performance and high touch servicing model, which emphasizes borrower interaction to improve loan performance and minimize loan defaults and foreclosures.