SANTA ANA, Calif.–(BUSINESS WIRE)–Stearns Holdings, LLC (“Stearns” or the “Company”), the parent company of Stearns Lending, LLC, and Stearns Co-Issuer, Inc. (together with the Company, “we,” “our” or the “Offerors”) announced today that it has elected to cancel its previously announced cash tender offer (the “Tender Offer”) for up to $41,626,000 aggregate principal amount of its outstanding 9.375% Senior Secured Notes Due 2020 (the “Notes”). All Notes validly tendered but not withdrawn prior to 11:59 p.m. on July 8, 2019, the expiration date of the Tender Offer, were not accepted for purchase by the Offerors and will be returned to the holder of such Notes promptly (or, if tendered by book-entry transfer, returned by credit to the account at DTC designated in the Letter of Transmittal related to the cash tender offer). No consideration will be paid in the Tender Offer for any of the tendered Notes.
This announcement confirms formal termination of the Tender Offer. This announcement is not an offer to purchase or a solicitation of an offer to sell with respect to any Notes.
About Stearns Lending, LLC
Stearns Lending, LLC is a leading provider of mortgage lending services in Wholesale, Retail, Strategic Alliances, Non-Delegated Correspondent and Financial Institutions sectors throughout the United States.
Stearns Lending is an equal housing lender and is licensed to conduct business in 49 states and the District of Columbia. Additionally, Stearns Lending is an approved HUD (United States Department of Housing and Urban Development) lender; a Single Family Issuer for Ginnie Mae (Government National Mortgage Association); an approved Seller/Servicer for Fannie Mae (Federal National Mortgage Association); and an approved Seller/Servicer for Freddie Mac (Federal Home Loan Mortgage Corporation). Stearns Lending is also approved as a VA (United States Department of Veterans Affairs) lender, a USDA (United States Department of Agriculture) lender, and is an approved lending institution with FHA (Federal Housing Administration). Stearns Lending, LLC is located at 4 Hutton Centre Drive, 10th Floor, Santa Ana, CA 92707. Company NMLS# 1854.
Caution Regarding Forward-Looking Information and “Safe Harbor” Statement
This press release may contain forward-looking statements, including, but not limited to, the Tender Offer for the Notes, the details thereof and other expected effects of the Tender Offer for the Notes. Forward-looking statements may generally be identified by the use of the words “anticipates,” “expects,” “intends,” “plans,” “should,” “could,” “would,” “may,” “will,” “believes,” “estimates,” “potential,” “target,” or “continue” and variations or similar expressions. These statements are based upon the current expectations and beliefs of management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Readers are cautioned not to place undue reliance on any of these forward-looking statements. These forward-looking statements speak only as of the date hereof. We undertake no obligation to update any of these forward-looking statements to reflect events or circumstances after the date of this press release or to reflect actual outcomes, except as required by law.
Contacts
Stearns Lending, LLC
Steve Smith, Chief Financial Officer
714-513-7060
[email protected]
