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What You Should Know From BTIG yesterday....brief clip.... $600M Secured Facility Adds Liquidity & Funding Stability Enabling NRZ to Pivot to Offense Providing a Positive Catalyst for Shares WHAT YOU SHOULD KNOW: Before the market open today, New Residential (NRZ) announced the company had entered into an agreement to a $600M senior secured loan that increases the company's cash balance to $1.1B. Additionally, NRZ expects to have 90% of the residential loan portfolio finances with non mark-to-market (MTM) financing in the next 30 days and a $1.8B increase in servicer advance financing bringing the total to $5.5B. At the same time, estimated book value per share at May 15 was $10.71, flat vs. March 31 which preserves BV upside potential as asset prices recover. We believe these events are a significant positive for NRZ that remove many of the concerns we have heard from investors and should be a catalyst to push NRZ shares higher. |
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Msg # | Subject | Author | Recs | Date Posted |
3770 | Re: What You Should Know | kowman | 0 | 5/21/2020 9:25:39 PM |