Nationstar Mortgage Holdings Inc. (NSM)

[Enterprising Investor]

Nationstar Announces Expiration and Preliminary Results of Modified “Dutch Auction” Self-Tender (3/14/16)

DALLAS--(BUSINESS WIRE)--Nationstar Mortgage Holdings Inc. (“Nationstar” or the “Company”) (NYSE:NSM) today announced the expiration and preliminary results of its modified “Dutch auction” self-tender offer to repurchase up to $100,000,000 in cash of shares of its common stock.

Nationstar’s modified “Dutch auction” self-tender offer expired at 5:00 p.m., New York City time, on March 11, 2016. Based on the preliminary count by American Stock Transfer & Trust Company, LLC, the depositary for the self-tender offer, 7,450 of Nationstar’s shares were properly tendered (and not properly withdrawn) at a price at or below the final purchase price of $9.40 per share. In accordance with the terms of the self-tender offer, and based on these preliminary results, Nationstar expects to repurchase 7,450 of its shares at the final purchase price of $9.40 per share, for a total cost of approximately $70,030, excluding fees and expenses relating to the self-tender offer. The shares expected to be repurchased in the self-tender offer represent less than 1% of Nationstar’s issued and outstanding shares as of March 11, 2016.

On February 10, 2016, the last full day of trading before Nationstar announced the commencement of its self-tender offer, the closing price of its common stock was $8.61 per share. On March 11, 2016, the closing price of Nationstar’s common stock was $12.71 per share.

The number of shares expected to be repurchased in the self-tender offer is preliminary and subject to change. Nationstar will fund the repurchase of shares in the self-tender offer using a portion of its cash and cash equivalents on hand. Payment for Nationstar’s shares accepted for purchase in the self-tender offer will occur promptly after the final number of shares properly tendered and not properly withdrawn is confirmed by the depositary for the self-tender offer.

Nationstar remains committed to returning capital to its stockholders through a share repurchase program. Based on the preliminary results described above, under its previously announced share repurchase program, Nationstar estimates that it currently maintains capacity to repurchase up to approximately $184 million of its common stock. Under the program, the Company may repurchase its shares from time to time in the open market or in privately negotiated transactions. The amount and timing of any repurchases will depend on a number of factors including the price and availability of the Company's shares, trading volume, capital availability, Company performance and general economic and market conditions. The share repurchase program may be suspended or discontinued at any time.

J.P. Morgan Securities LLC is serving as dealer manager for the self-tender offer. Innisfree M&A Incorporated is serving as information agent for the self-tender offer, and American Stock Transfer & Trust Company, LLC is serving as depositary for the self-tender offer. Stockholders and investors who have questions or need information about the self-tender offer may contact Innisfree M&A Incorporated at 1-888-750-5834.

About Nationstar

Based in Dallas, Texas, Nationstar provides servicing, origination and transaction based services related principally to single-family residences throughout the United States. Additional corporate information is available on the Shareholder Relations section of www.nationstarmtg.com.

http://www.businesswire.com/news/home/20160314005295/en/Nationstar-Announces-Expiration-Preliminary-Results-Modified-%E2%80%9CDutch